Jun 10, 2021 / Home Equity

4 Simple Steps for Securing and Using a HELOC

There’s hot, and then there’s the Utah housing market. Coming off a week where Utah cities experienced near-record high temperatures, the scorching housing market continues to heat up just in time for the summer home-buying season. It may not be great news for potential home buyers, but it’s fantastic if you’re a Utah homeowner—more demand, after all, means higher home values.

If you’ve suddenly found yourself with some extra equity, a home equity line of credit (HELOC) is a great way to get stuff done this summer. And, applying for and using a HELOC is a lot easier than you might think. Here’s a step-by-step guide for securing and using a Utah First HELOC.

1. Apply

The HELOC application process is simple and straightforward. You can apply online by typing in a few lines of information about your home and income, and a helpful Financial Expert will follow up with more details. You can also apply in person at any of our branch locations, where you can ask questions about whether a HELOC is right for you and how much of your home’s equity you should access. There are no origination costs, and you’ll never see any type of annual fee.

2. Receive Available Funds

Once your HELOC application is approved, you’ll get a notification from us letting you know that your loan has funded and that you can access your HELOC whenever you want. You can check the status of your HELOC, including available and used funds, using digital banking. And, because your HELOC is a type of revolving credit, you can use and repay funds whenever it makes the most sense to you.

3. Use Funds

Speaking of simplicity, using your HELOC is as easy as managing any other account through digital banking. You simply transfer an amount of money from your HELOC account into your checking account, and your funds are ready to use at your leisure. And, because your funds are now in your checking account, you have the freedom to pay for expenses any way you want—with your debit card, Orange Platinum Visa, check, or cash.

4. Lock In Your Rate

Normally, HELOC funds come with an adjustable rate, which may fluctuate as the market changes. But as long as you advance your HELOC funds (by transferring money into your checking account using digital banking) before June 30,* you can lock in a great 1.99% rate until April 1, 2022. It’s an affordable way to pay for expenses, and you can plan your repayments with precision, thanks to a fixed rate that will stay put for the next nine months.

Now that you know how easy it is to apply for and use a Utah First HELOC, the only challenge is deciding the best way to beat the summer heat with your newfound home equity. Will you consolidate debt, go on a summer vacation, upgrade your home to add even more equity? The possibilities are endless, and the choice is completely yours.

To learn more about a Utah First HELOC, check out our current rates and calculate your payments with our loan calculator.


*This offer is available for qualified new and existing HELOC members. All payments made will be applied to the 1.99% rate balance before the previously existing balance. Following the expiration date of the promotion, the rate on outstanding balances will revert to the rate in their previously existing home equity line of credit agreement.