Higher interest rates mean many home improvement projects have been put on hold. Talk to one of our Loan Officers today about a Home Equity Line of Credit and our six-month introductory rate of 2.99%
What is a HELOC:
A home equity line of credit (HELOC) 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.
How Can It Help:
Use a HELOC for any variety of reasons, including:
- Home or yard improvement
- Investment opportunity
- Medical bills
- Payoff higher rate loans
- Debt consolidation
- Education costs
- A rainy day emergency fund
- Auto expenses
- Short-term expenses
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
Come see us to discuss your options to get your projects and financial goals back on track.
*A HELOC is a home equity line of credit that uses your home as collateral. Subject to approval. Conditions may apply. The introductory rate of 2.99% annual percentage rate (APR) is available for the first six months after account opening. Eligible for new accounts only. After the promotional period, the variable APR is based on the Prime Rate plus a margin and will range from 6.25% APR to 18% APR. APR is based on creditworthiness and assumes a loan amount of less than $250,000. Some fees may apply to loans over $250,000. The minimum credit line is $15,000. All rates and offers are available for a limited time and are subject to change without notice. Other restrictions may apply.