Mar 04, 2021 / Home Equity
March is known for a lot of things—the luck of the Irish, the Ides of March, in like a lion and out like a lamb. March brings the first days of spring, Daylight Savings Time, Women’s History Month, and even National Dentist’s Day (yes, that a real thing and yes, you’re free to ignore it).
But this year, March means just a little bit more. That’s because when you use your Utah First HELOC by March 31, 2021, you lock in a fixed 1.99% APR until next year (April 1, 2022).*
Unlike most home equity lines of credit, which offer borrowers a variable interest rate that fluctuates with the market, your Utah First HELOC comes equipped with a swingout feature that allows you to advance funds and fix your interest rate whenever you want. This March, that option includes locking in a great 1.99% interest rate.
A quick look at Bankrate’s “best” home equity lines of credit rates for March 2021 will show you that most banks offer variable APRs between 4% and 6%. Locking in a 1.99% fixed rate is game-changing and can help you save money on your spring home improvement projects, family vacation, debt consolidation plans, and more.
Now that you know you’re going to get a great fixed rate, you have to take one more step to actually lock in your rate—advance your HELOC funds. Advancing HELOC funds is different than just having a HELOC. In fact, you haven’t officially borrowed money on your line of credit until you advance funds. Most borrowers choose to advance HELOC funds in one of two ways.
1. Transfer HELOC funds into your checking account using digital banking, or
2. Call 801-320-2600 to advance funds from your HELOC into your checking account.
Either of these options takes just a few minutes, and will allow you to lock in your 1.99% APR until April 1, 2022.
At Utah First, we March to the beat of a different drum (see what we did there?). Unlike other banks and credit unions, we believe borrowers can be choosers. We put you in control with the option to fix your HELOC interest with a great 1.99% rate, giving you yet another reason to celebrate the month of March.
So, have a pleasant spring. Enjoy the warming weather. Celebrate dentists if that’s your thing, and seize the month of March to lock in your 1.99% APR on HELOC advances until April 1, 2022.
*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.