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Use Your Equity for Projects, Emergencies or Other Expenses

HELOC rates now starting at 8.00% APR

A Home Equity Line of Credit (HELOC), sometimes referred to as a second mortgage, is a revolving line of credit that can be used in case of emergencies, short term expenses, medical bills, home renovations and more.* As a qualified Utah homeowner, your home equity line of credit typically results in lower interest rates and revolving credit, meaning you can continue to borrow as needed. 

Our HELOC Options:


Standard HELOC

With our standard Home Equity Line of Credit, you pay 1% of the principal amount monthly (minimum $50)

Interest-Only HELOC

With our interest-only HELOC, you pay the monthly interest on the amount you have borrowed (minimum $50)**


Current HELOC Rates 

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Today's Rates

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Frequently Asked HELOC Questions

How much can I borrow on a HELOC?

With HELOC loans from UFirst Credit Union, you can borrow up to 95% of your home's value up to $250,000.

What is a HELOC draw period?

During your HELOC's draw period, you can draw on your available line of credit as often as you need. With a Standard HELOC, during this period you'll pay 1% of the principal amount monthly (minimum $50). With an Interest-Only HELOC, you pay the monthly interest on the amount you have borrowed (minimum $50).**

Which is better? HELOC or home equity loan?

HELOCs and home equity loans both allow you to borrow against your home's equity. HELOC loans act similar to a credit card, where you have a line of credit you can borrow. With HELOCs, you can take what you need as you need it. You'll only pay interest on the amount you draw, not on the total amount available in your line of credit.

Home equity loans provide you with a lump sum of cash for a predetermined repayment period. These loans are great for large home improvement projects, long-term debt consolidation, or major one-time financial needs such as college tuition or starting a new business. Learn more about our home equity loan options.

Are there closing costs associated with a HELOC?

With HELOC loans from UFirst Credit Union, there are no closing, appraisal, credit report, or origination fees on loan amounts under $250,000.

How are interest rates calculated?

HELOC interest rates are tiered, with the tiers based on the loan-to-value ratio (LTV). Having a lower LTV helps you qualify for lower interest rates, while a higher LTV will require a higher interest rate.

Can I get a HELOC on a property that is not my primary residence?

No; HELOCs are designed to give equity-access to homeowners in their primary residence. HELOCs are not available for secondary or investment properties.

 Apply for a low rate HELOC  Current HELOC Rates

*UFirst Credit Union HELOCs have a 10 year draw period followed by a 10 year repayment period. Minimum line of credit is $5,000 with a $100 minimum advance. Fees will be incurred if HELOC is closed within 24 months of its origination date. Homeowner insurance will be verified. 

**Variable interest will be based on the prime rate plus a margin. For example, a prime rate of 8.500% APR plus a margin of 0.5% would result in an interest rate of 9.000% APR. Because prime is a variable rate; as it changes, the APR on your account will also change. The maximum APR that can apply is 18.00%. Minimum interest rate over the life of the loan is 3.74% APR. See rates table for current HELOC rates. Closing costs waived include origination, processing, underwriting, tax service, appraisal, credit report, and title fees. Home equity lines of credit are available for up to 95% of home value or up to $250,000.

1  After 6 months, a variable-rate APR as low as 3.74% will apply (depending on your credit and loan to value).

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