What is a HELOC? Get Some Cash For Households!
HELOC: Use your equity that you have built over the years to pay off debts, credit cards,, student loans or use it for home improvement projects around the house. A mortgage cash out refinance is the replacement of an existing mortgage with another mortgage under different terms and get some cash on the side for personal use.
Ready to pay less in interest on your mortgage and lower your monthly payments? A refinance may be the right step for you.
STANDALONE HELOC (20-YEAR)
UWM’s Standalone HELOC allows you to offer your borrowers a simple way of tapping into their home’s equity. It’s a popular option for accessing cash that can be used to pay down debt, make home improvements, cover tuition and more.
- Available on primary and second home loans
- Loan amounts up to $350,000
- 640+ FICO, up to 85% HCLTV
- $25,000 minimum line amount, initial draw must be 75% of line amount
- For line amounts up to $250,000, only an approved AVM is required
- For line amounts over $250,000, a full appraisal is required
*Not applicable in Texas
PIGGYBACK HELOC (20-YEAR)
With UWM’s Piggyback HELOC your qualified borrowers can secure a mortgage on a home while simultaneously opening a home equity line of credit. Ideal for borrowers with less available for a down payment — the additional borrowed money can help them avoid paying private mortgage insurance.
- Available on primary and second home purchases, rate/term and cash-out refinances on conventional loans
- Loan amounts up to $350,000
- 680+ FICO, up to 85% HCLTV
- $10,000 minimum line amount, initial draw must be 75% of line amount
- For line amounts up to $250,000, an appraisal waiver is accepted with an approved AVM
*Not applicable in Texas
Information subject to change. Certain restrictions apply. Subject to borrower approval.
