When is a good time to refinance my mortgage?

It depends on your financial situation and goals. If you have expenses or high-interest debt, such as credit cards, and need access to cash, it could make sense to tap into the equity built in your home with a cash-out refinance. When interest rates are low, or at least lower than when you first bought your home, you may consider a rate-term refinance and get a lower interest rate and lower your monthly payment. Consult a licensed mortgage professional to help determine if and when to refinance your mortgage.

What do I need to refinance my home mortgage?

In general, you need to have documentation about your income and debts, and a high-enough credit score and equity amount for the loan type you're seeking.

How long does it take to refinance a mortgage?

Refinancing a mortgage can take as long as your first mortgage, often a month or longer. Several factors can affect how long the process takes, especially if you need to get your home appraised. However, there may be streamlined refinance options available depending on your loan type if you're interested in an expedited process.

Home Equity Line of Credit

Tap your home's equity for quick cash

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Home equity line of credit is provided and serviced by third parties.. Read more

Tackle it all with a home equity line of credit (HELOC)

With a HELOC from Upstart Mortgage, you can access your home's equity to pay for just about anything, including home remodels, loan consolidation, and more. Unlike other loan options, a HELOC lets you borrow multiple times, giving you access to funds as your needs change. So, if your kitchen renovation ends up over budget, you can tap your HELOC to cover the additional cost.

The benefits of a HELOC through Upstart Mortgage

Fast

Quick application

Fully online application, so you can access your equity fast.
Simple

Fixed rate on each draw

You pay a fixed rate with every draw against your HELOC, making payments predictable.
Borrow $26K-$250K

Flexibility

Use your line of credit as often as you need during your draw period.

How does a home equity line of credit work?

A home equity line of credit is like a credit card that uses your equity as collateral, allowing you to borrow money as needed up to your credit limit. You can borrow within a specific window of time, known as your draw period and with Upstart Mortgage's fixed rates on each draw and straightforward terms, you'll enjoy predictable payments as you pay off your HELOC.

Many homeowners use their line of credit for major expenses or specific financial needs, such as:

Home renovations or repairs
Loan consolidation
Tuition and other educational costs
Emergencies, such as hospitalizations
Buying a second home or vacation home

Frequently asked questions

A HELOC is a revolving line of credit, like a credit card, that uses the equity you have in your home as collateral. With a HELOC, you can continue borrowing as needed (during your draw period and up to your credit limit). A home equity loan is similar in that you're also borrowing against your equity, but instead you receive a one-time, lump sum loan that you pay back over time.
Upstart Mortgage offers 10- and 15-year terms for HELOCs, with a 3-year draw period. So, if you have a 10-year term, you would have three years to borrow on your HELOC up to your credit limit and then ten years to pay it off. With a 15-year term, you would also have three years to draw on your HELOC up to your credit limit and then 15 years to pay it off.