May 20, 2021 / Home Equity
Every type of loan has its advantages—credit cards are convenient, auto loans and home loans are relatively low interest, and personal loans are known for their flexibility. But what if there was a loan that had all these advantages rolled into one? A home equity line of credit (HELOC) gives you the best of a lot of lending options and provides a common-sense path for recouping your costs by adding even more value to your home.
Relatively speaking, home equity lines of credit involve a simple application and acceptance process. Your lender issues an extension of credit based on the equity you have in your home. Usually, there are no closing costs or annual fees to pay for or keep track of. And, using your HELOC couldn’t be easier. With a Utah First HELOC, for example, you can simply transfer funds from your HELOC account to your checking account using digital banking. As far as loans go, there aren’t many easier options.
As already mentioned, typically a HELOC has no closing costs or annual fees. What you see is what you get. You have a line of credit available to you and you only pay interest on the funds you advance. Anything else can be stashed away for a rainy day or for the time you’re ready to take on your next project. Speaking of interest, because your HELOC is backed by the equity in your home, lenders can afford to pass along the savings to you by way of lower interest rates. And, if you have a HELOC with Utah First, as long as you advance funds by June 30* you can lock in a 1.99% fixed rate until April 1, 2022. Borrowing money doesn’t get much more affordable.
How you use your HELOC is completely up to you. Ready to take on that next home improvement project? Just advance your funds and get working. Ready to host that big event in your newly landscaped yard and remodeled house? Advance your funds and start the festivities. Ready to get away from all that work and take some time for yourself? Your HELOC can help with that too. With a HELOC you have all these options available to you, or you can keep a line of credit on hand, at the ready without incurring interest. Plus, if you decide to put your HELOC back into your home, you can recoup some of your costs by adding value and additional equity to your home sweet home.
A HELOC really is a convenient, affordable, flexible loan alternative. If you’d like to explore ways to use the equity in your home (now is a great time to access equity in rising home values), talk to one of our helpful HELOC specialists or apply online today!
*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.
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