UHM HELOC

UHM HELOC offerings are not available in New York and Hawaii. 

This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.

1. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

2. Our HELOC loan amounts range from a minimum of $25,000 to a maximum of $750,000. For properties located in AK, MI, and TX, minimum loan amounts will differ. For properties located in AK, the minimum loan amount is $25,001. For properties located in MI, the minimum loan amount is $10,000 and these funds cannot be used for home improvements. For properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000 and will ultimately depend on your home value and equity at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are only available with the Signature HELOC and are subject to appraisal.

3. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000. Five business day funding not available in Texas.

4. The UHM Signature Fixed Rate HELOC is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

5. The UHM Signature Variable Rate HELOC is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening.

6.UHM HELOC FLEX is an open-end variable, adjustable interest-only product which allows up to the full loan amount (minus the origination fee). For the first five years, the adjustable interest rate is subject to increase after consummation. The borrower is only required to draw at least 75% of the full loan amount at closing. The initial amount funded at origination will be based on the current rate offered; however, this product allows draws for the first five years of the HELOC and then converts to fixed 25-year term. At this point, the monthly payment includes both principal and interest. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period.

For either offering, if the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.