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United Wholesale Mortgage has made rates in the 2.5% range available for cash-out refinances. The move was made as the company found that COVID-19 emphasizes improvement opportunities.
As the pandemic continues to keep many homeowners inside, they have more time to focus on what needs to be done to improve their living spaces, according to United Wholesale Mortgage. As home improvements continue to surge in the U.S., UWM said they wanted to issue a program to help borrowers update, upgrade or repair their homes.
"We’re making cash-out refinances with rates in the 2.5% range available to borrowers who want to use the equity in their home to make upgrades, updates or repairs as home improvement continues to thrive in America," said Mat Ishbia, president and CEO of UWM. "We’re in this business to help people and that’s exactly what we’re doing by making great rates, service and speed available through independent mortgage brokers."
The company previously introduced 30-year fixed at 1.999%, 15-year fixed at 1.875%, Conquest conventional loans offering rates as low as 2.5% and Conquest VA offering rates as low as 2.25% for both purchases and refinances.
