May 13, 2024 / Home Equity

8 Reasons Utah First Offers the Unicorn of HELOCs

8 Reasons Utah First Offers the Unicorn of HELOCs

If you’re a homeowner looking to take advantage of the equity in your property, you’ve come to the right place. Utah First Credit Union offers the unicorn of HELOCs in the financial world! But what exactly do we mean by that?

Just like a unicorn is a rare and magical creature, our HELOC combines unique features and benefits that make it truly exceptional in the world of home equity loans. From competitive rates to quick approvals, we’ve got the HELOC perks to make it fast, easy, and affordable to cash in on your crib and achieve your financial goals.

Here are eight reasons Utah First offers the unicorn of HELOCs!

1. Fix It, Lock It, and Roll With It!

There are lots of home equity products out there these days, but finding a HELOC that lets you fix your interest rate as you please can be tough. At Utah First, we have your back with the ability to fix all or a portion of your HELOC when you lock in your rate. This way, you can grab a great interest rate when the market is favorable, protect yourself from rate increases, and ensure the stability of constant, predictable payments throughout the loan term.

The best part? When you have a fixed portion, you can lock and unlock your rate at any point as your financial needs and market conditions change — so you know you always have the best deal! Pretty magical, right?

2. Pay Interest Only on What You Use With a Variable Rate

While fixed-rate HELOCs offer stability, they might not be right for everyone. With a fixed rate, you pay both principal and interest on your monthly balance. If you’d rather have a lower, interest-only payment, a variable-rate HELOC might be the better solution for you. That’s the beauty of a Utah First HELOC — we offer fixed and variable rate options for various needs!

One of the benefits of a variable-rate HELOC from Utah First is that you only pay interest on the money you use, giving you the flexibility to borrow what you need when you need it. For example, if you’re planning a home renovation project where the costs are uncertain and you want flexibility to access funds as needed, a variable-rate HELOC might be perfect for you! You could also lock in at a certain rate and move to a fixed rate that works with you when you’re ready. You’re in control!

Let us help you find the right fit for financing and dream big, knowing your Utah First HELOC has you covered!

3. Our Rates Are Highly Competitive

We know you don’t mess around when it comes to snagging the best deals. At Utah First, we pride ourselves on keeping our rates competitive so you can cash in on your crib without breaking the bank. By pooling resources and operating as a member-focused cooperative, we’re able to slash overhead costs and pass those savings on to our members in the form of impressive rates.

Be sure to ask our financial experts about our fixed and variable rate options — and watch for our HELOC rate promotions for all credit types! You won’t be disappointed.

4. It’s Accessible & Convenient to Open a Credit Line as Needed

With Utah First, members aren’t limited to just one fixed-rate line. In fact, you can quickly and easily open up to five fixed-rate lines, which means you can lock in favorable rates for different purposes.  Whether you’re planning a home renovation, consolidating debt, or funding a major expense, having multiple fixed-rate lines gives you the ability to manage your finances more effectively and secure the best rates for each specific need. We’re all about making your crib work harder for you!

5. No Annual Fee or Origination Cost

With our HELOC, you won’t usually have to worry about pesky fees adding to your total costs. On loans of $250,000 or less, there are typically no origination fees and no annual charges, which makes it a more affordable option for accessing your home’s equity. When you keep you new HELOC open for 4 years or more, deferred origination costs paid by Utah First will be waived. Additionally, the interest you pay on your HELOC may be tax-deductible, which further maximizes your savings. Score! Enjoy the benefits of financial flexibility without breaking the bank with our fee-friendly HELOC solution.

6. We Offer Quick Approvals

Utah First understands that life’s financial needs can change at a moment’s notice — and our quick approvals can make all the difference. With Utah First’s speedy approval process, you’ll get faster access to your funds, allowing you to tackle your financial goals without delay. So if you’re trying to book an insane flight deal before it’s sold out or schedule with a busy contractor for an urgently needed renovation, we get time-sensitive opportunities, and our fast approvals help you make moves when it matters most.

7. You Get a Convenient Visa Card

When you take out a HELOC with Utah First, you’ll get a convenient Visa card that functions just like a credit card and gives you access to your line of credit on demand, so you can use it whenever and wherever you need it! Need to spruce up your space? Swipe away. Planning an impromptu getaway? Your HELOC’s got your back. With your Visa, you’ll always be ready to fund your next adventure with a flick of your wrist.

8. Make Life Easier for Yourself

Why stress about finances when you could be living your best life? With a Utah First HELOC, you can finally replace those outdated, inefficient appliances, invest in higher education, take that vacation you need so desperately, or consolidate the debt that’s been racking up for years. Use our HELOC to kiss your worries goodbye and enjoy life more without the weight on your shoulders!

Cash in on Your Crib Today!

If you’re sitting on untapped equity and are ready to use it to achieve your goals, let us know! Our financial experts are standing by to help you secure a competitive-rate HELOC. Give us a call at (800) 234-0729, stop by a local branch, or reach out online today!