Home Equity Line Of Credit (HELOC)
Now more than ever, borrowers are looking for additional ways to have more flexibility with their money. That’s where a home equity line of credit comes in — and UWM offers several types of HELOCs to help you compete with big banks and retail lenders.
Standalone HELOC. Independent of who originated the loan, this product offers current homeowners a simple way of tapping into their home’s equity when a cash-out refinance doesn’t make sense due to having a low interest rate on their current mortgage. It’s a popular option for accessing cash that can be used to consolidate and pay down debt, make home improvements, cover tuition and more.
Piggyback HELOC. This product allows qualified conventional borrowers to secure a new mortgage on the home while simultaneously opening a home equity line of credit. Doing so allows borrowers with less available for a down payment to borrow additional money that can help them avoid mortgage insurance. It’s also a great option for borrowers with jumbo loan amounts who want to qualify for a conforming loan instead.
UWM offers 3 HELOC products that deliver transparency of investor guidelines and borrower qualifications to help you choose the right HELOC for every borrower. With options up to $500,000 that include 3- and 5-year draw periods, we make it easy for you to help your borrowers and retain their business.
All of our HELOC products can help you grow your business by giving you a great reason to reach out to past clients and attract new ones.
Not eligible in Tennessee (primary loans only) and Texas. Standalone HELOCs are also not eligible in Iowa & Vermont. Information is subject to change. Certain restrictions apply. Subject to borrower approval.