Frequently Asked Questions
What does the Buy with Cash program cost?
This program is completely free to use. The associated costs are the same as any mortgage-backed home purchase, such as appraisals, taxes, and closing costs.
What states do you serve?
We're licensed in many states and constantly expanding! See a full list of our most up-to-date licensing info here.
What if I have an existing home to sell?
Great! We have a Buy Before You Sell program that removes your current home sale contingency and allows you to make a door-to-door move. If you’d like to learn more about our Buy Before You Sell program, please use this link to schedule a call with one of our Customer Experience Reps.
Are your rates competitive?
Yes, we offer competitive rates thanks to our proprietary mortgage processing technology. Using technology to reduce unnecessary human involvement significantly cuts the costs of a mortgage. This allows us to pass those cost savings on to you!
What happens if my mortgage isn't ready in time?
We pride ourselves on processing, underwriting, and funding loans faster than any other mortgage firm out there. Our Buy With Cash program guarantees that you will close on time every time. If your mortgage isn't ready on time, we’ll buy the home with cash, and you can still move in on day one. Once your mortgage is ready, we sell the home back to you for the same terms. And don’t worry, you only pay one set of closing costs!
How does UpEquity make its money in this transaction?
We take on the risk of potentially purchasing the house to leverage that into a commission from brokering or selling the loan.
Does UpEquity use all cash to buy the home upfront? Can we quick-close?
It depends on the state. Where contracts are "assignable," we do not purchase the home upfront. In states that don't allow assignable purchase contracts, we do purchase the home upfront and write the mortgage after.
How is this different from a pre-approval?
This is not a pre-approval; it is proof of funds. You and your agent will know your exact buying power, and you’ll be able to make a contingency-free cash offer on any home within your buying power range. And because you’re making a cash offer, it’s 4X more likely to be accepted, and you can close 50% faster.
That’s not all. The seller won't see the loan terms, so you aren’t required to pay a larger down payment to be competitive!
Are there loan types you can't serve?
We support conventional loans, including jumbo loans, and we support VA loans. We currently cannot work with FHA or USDA buyers, but we hope to accommodate those in the near future.
What are your credit requirements?
Our absolute minimum requirement is 640, but we prefer 700+. But please know that we’re here to guide you through any exceptions.
Can I use my own agent?
Absolutely! We don't force our customers to work with certain agents. No matter who you choose to work with, we guarantee an exceptional experience for you and your agent.
Do you require an appraisal?
Yes. As with any home purchase, we are legally required to order an appraisal.
What is the minimum down payment I need to make on my new home?
For first-time home buyers, the minimum is 3%. For existing homeowners, the minimum is 5%. For investment properties, the minimum is 15% or more, depending on the property type.
How long does the Buy With Cash process take?
Our goal is to help you close in 21 days—twice as fast as the typical mortgage lender who takes 47 days on average to close. Sometimes, we can make it happen even faster than that!
What types of properties can I purchase?
Your only limitations are the parameters for a financeable loan, so it’s easier to focus on what you CANNOT buy:
- No mobile homes, farms, or ranches
- No ‘non-warrantable’ condos
- No properties in a flood zone that do not participate in the National Flood Insurance Program (NFIP)
- Must be habitable
How much does the Buy Before you Sell program cost?
This program costs nothing to start. On the new home closing, the cost will be 0.25% if UpEquity doesn't need to buy your old home and 1.25% if we do need to buy it.
If we need to buy the old home, there is a monthly carrying cost. You can rest assured that this is the most cost-efficient Buy Before You Sell program on the market.
Do I have to sell my home to UpEquity?
No, you are not required to sell your home to UpEquity.
Are your rates competitively low?
Yes, we offer competitive rates thanks to proprietary technology. Using technology to reduce unnecessary human layers cuts the costs of a mortgage significantly. This allows us to pass those cost-savings on to you!
What happens if there are necessary repairs required?
Any necessary repairs required prior to UpEquity’s purchase of the property will be indicated by our inspection report. These are made clear upfront and are paid by you, the seller.
Are manufactured (mobile) homes eligible for the Buy Before You Sell Program?
Unfortunately they are not eligible. Single Family Homes (1-4 units), Planned Unit Developments (PUD's), and Condominiums (<5 units) are properties that are eligible.
Where are you licensed?
We're licensed in many states and constantly expanding! See a full list of our most up-to-date licensing info here.
What does the Buy With Cash program cost?
Our program is completely free. The associated costs are the same as any mortgage-backed home purchase, such as appraisal and closing costs.
How is this different than a pre-approval?
This is not a pre-approval; it is proof of funds. You and your client will know their exact buying power, and you’ll be able to make a contingency-free cash offer on any home within their buying power range. And because your client will be making a cash offer, it’s 4X more likely to be accepted, meaning they can close 50% faster. Additionally, the seller won't see the loan terms, meaning a larger down payment isn't required to be competitive.
What if my buyer has an existing home to sell?
We have a program that removes your client’s current home sale contingency. If you’d like to learn more about our Buy Before You Sell program, please reach out to our Agent Success team for more details .
Are your rates competitive?
Yes, we offer competitive rates thanks to our proprietary technology. Using technology to reduce unnecessary human involvement significantly cuts the costs of a mortgage. This allows us to pass those cost savings on to your buyer!
When do I receive my commission?
It depends on the state, but you always receive your commission after the first purchase of the home, whether it’s UpEquity purchasing it or your buyer. That means that in states where UpEquity is required to purchase the home first (e.g., Colorado), you get your commission even earlier than you normally would!
How is this different from a pre-approval process?
Because we are a tech-enabled mortgage lender, we can do a complete underwriting of your client in record time before you and your client make an all-cash offer. So, your buyer will know their estimated rate terms upfront.
Are there any buyers or loan types you can’t serve?
We support conventional loans, including jumbo loans, and we also support VA loans. We currently cannot work with FHA or USDA buyers.
How does UpEquity make its money in this transaction?
We make money like any traditional brokerage. There is no extra fee or rate bump for our Buy With Cash service. We see it as a way to earn your business without any additional costs to your client.
Do we have to use your title company?
Unlike many other buy with cash programs, we don’t mandate or even suggest a title company, and there are no additional title fees like with other vendors. Like any typical transaction, you choose a title company. If you need a recommendation, we’re happy to suggest a company.
What are your credit requirements?
Our absolute minimum requirement is 640, but we prefer 700+. Your dedicated Loan Officer can help guide you through any exceptions.
What is the turnaround time on the appraisal?
Our goal is always to complete the appraisal in 7–10 days, but we cannot guarantee it will be done within that timeframe.
Do you have in-house underwriters?
We conduct in-house due diligence upfront that’s so thorough we’re able to guarantee the cash for your buyer.
Does UpEquity require inspections?
Yes, as with any normal transaction, it’s scheduled by an agent.
What types of properties are eligible?
Your only limitations are the parameters for a financeable loan, so it’s easier to focus on what you CANNOT buy:
- No mobile homes, farms, or ranches
- No ‘non-warrantable’ condos
- No properties in a flood zone that do not participate in the National Flood Insurance Program (NFIP)
- Must be habitable
Have a question we didn't cover?
Our Customer Experience Officers are standing by to answer any questions you have about our programs. Click the button to schedule a call.