Home Equity Line of Credit

A home equity line of credit (HELOC), sometimes referred to as a second mortgage, is an equity loan that allows a borrower access to equity in their home. A HELOC is a revolving line of credit that can be used as much or as little as needed; borrow money, pay it back and borrow again without any renewals or additional paperwork during the draw period.

Can I use a HELOC to pay down my credit card?

A HELOC is similar to a credit card account but has lower rates!
Just like a credit card, a home equity line has a credit limit based on the equity in your home. You can also use this credit line for whatever you want, whenever you need it.

Apply For Home Equity Line of Credit (HELOC)

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Sign In To HELOC Portal

Use a HELOC for any variety of reasons, including:

  • A rainy day
  • Auto expenses
  • Short-term expenses
  • Home or yard improvement
  • Medical bills
  • Investment opportunity
  • Vacations
  • Education costs
  • Payoff higher rate loans
  • Debt consolidation

With a Bank of Utah HELOC, there is no annual maintenance fees—meaning that you only pay on money that you borrow.

Benefits of a HELOC with Bank of Utah:

  • Fast processing, typically in 3-4 weeks
  • No closing costs for loan amounts under $250,000
  • No pre-payment penalties after the first 3 years
  • No annual maintenance fees!
  • Up to 80% combined loan-to-value (CLTV)
  • 10 year draw period, 10 year repayment period
  • Low Interest rates
  • Ability to securely and easily upload requested documents

HELOC Rates

A home equity line of credit provides interest rates that are typically lower than credit cards!

Frequently Asked Questions:

  • Do I need to apply for a home equity line of credit in person or can I apply from home or my phone?
    We have both options! You can apply at home or on the go using our convenient online application: Apply for a HELOC. Of course, you can always come into any Bank of Utah branch location to apply for a home equity loan. Find a Bank of Utah Location

  • How much money can I borrow?
    Up to 80% CLTV of the value of your home.

  • How is CLTV determined?
    A CLTV is calculated by taking the balance of a first mortgage plus the proposed limit of the HELOC divided by the appraised value of the home.

  • Is an appraisal required for a HELOC?
    Yes, most loans require a limited appraisal to determine the value of the home, which we request at no cost to you for loan amounts under $250,000.

  • Are there really no closing costs with a HELOC?
    Yes! As long as the amount of the line of credit is less than $250,000 and you keep the line open for longer than 3 years, there are no closing costs or prepayment penalties.

  • My credit score is low; can I still qualify for a HELOC?
    Each scenario is unique. Contact a Loan Officer to discuss your specific situation.

  • Can I use a HELOC to pay down my credit card (or other debt)?
    Yes. A HELOC can be used for any expense. A HELOC also has lower interest rates than a credit card, allowing to pay down the balance quicker! Contact a Loan Officer to learn more about using a HELOC for debt consolidation.


Contact Us

For more information about HELOCs, contact a Loan Officer.

Apply For Home Equity Line of Credit (HELOC)

Do you know which loan officer you're with?
Yes No
Sign In To HELOC Portal