With a Utah First home equity loan or HELOC, you can use the equity in your home to help pay for big events, family vacations, upcoming expenses, or overdue home improvement projects. And, when you complete your new loan application by August 31st, you can lock in a 2% introductory HELOC rate for 6 months.
A traditional home equity loan gives you a lump-sum payment up front. You choose your interest type (fixed or variable), we issue a check, and you use the money to achieve your goals.
A Home Equity Line of Credit (HELOC) works like a credit card: we issue a line of credit based on the equity in your home. You use as much or as little as you want for whatever you want, whenever you need it. And you can switch between fixed and variable interest at any time. And to make it even better, we are offering a 2% introductory rate for the first six months when you access funds through your HELOC—but that rate won’t last for long!
With a Utah First HELOC, your next home improvement project is on the house!
Use the following formula to determine how much you can borrow. Numbers are provided as an example and should be replaced with your specific details.
|Value of Your Home||$400,000|
|Combine Loan-to-Value Ratio||X 80%|
|Percentage of Home Value||= $320,000|
|Minus Balance Owed on Home||– $200,000|
|Potential HELOC Amount||= $120,000|
|Fixed||80% Home Equity||5 Years||5.50%||6.50%|
|Fixed||80% Home Equity||6-10 Years||7.50%||8.50%|
|Fixed||90% Home Equity||5 Years||8.25%||9.25%|
|Fixed||90% Home Equity||6-10 Years||8.75%||9.75%|
|Fixed||100% Home Equity||5 Years||9.75%||10.75%|
|Fixed||100% Home Equity||6-10 Years||10.50%||11.50%|
|Variable||80% Home Equity||30 Years||5.50%||6.50%|
|Variable||90% Home Equity||25 Years||7.50%||8.50%|
|Variable||100% Home Equity||20 Years||9.25%||10.25%|
|Variable||125% Home Equity||15 Years||10.75%||11.75%|
APR = Annual Percentage Rate. All rates subject to change without notice.
*Jumbo loans have an aggregate loan value of more than $647,200.
**HELOCs up to $500,000 loan amounts are not subject to fees or additional costs. Loans larger than $500,000 are subject to a recapture fee, equal to the origination costs, if the loan is paid off and closed within 48 months of the original funding date.