United Wholesale Mortgage (UWM) announced on Wednesday that it’s offering a conventional cash-out loan product with a loan-to-value (LTV) ratio of up to 90% and no mortgage insurance. The announcement comes after interest rates have dropped and competition for refinances has increased.

According to Michigan-based UWM, borrowers are historically limited to 80% LTVs for cash-out refis and often require mortgage insurance for loans that exceed this limit. The new product, dubbed Conventional Cash-Out 90, allows borrowers to tap into an additional 9.99% of their home’s equity without the coverage, the company said.

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