Your Home Has Equity. Put It to Work With a HELOC.
A Home Equity Line of Credit (HELOC) lets you borrow against the value you've built in your home — drawing funds as you need them, much like a credit card, but at a fraction of the cost of unsecured borrowing.
What Makes a HELOC Different
It's a revolving line of credit — borrow, repay, and borrow again during the draw period without reapplying each time.
You only pay interest on the amount you actually draw, not the full credit limit you're approved for.
Rates are typically lower than credit cards or personal loans because your home secures the line.
Eligibility is based on your home's available equity — the difference between its value and what you owe.
A draw period (often 10 years) lets you access funds, followed by a repayment period where the balance is paid down.
Funds can be used for renovations, education, debt consolidation, or any major expense — it's your equity, your choice.
HELOC vs. Home Equity Loan
Both tap your equity, but they work differently. We'll help you decide which structure fits how you plan to use the funds.
HELOC
A revolving line of credit with a variable rate. Draw funds as needed during the draw period and pay interest only on what you use — ideal for ongoing or unpredictable expenses.
Home Equity Loan
A lump-sum loan with a fixed rate and fixed monthly payment. You receive the full amount up front — ideal when you know exactly how much you need, like a one-time renovation.
How Much Equity Do You Need?
Most HELOC programs allow you to borrow up to a combined loan-to-value (CLTV) of 80–90% — meaning your current mortgage balance plus the HELOC limit can't exceed that percentage of your home's appraised value. The more equity you've built, the larger the line you may qualify for. We'll run the numbers on your specific property and show you exactly what's available.
Smart Ways Utah Homeowners Use a HELOC
A HELOC is a flexible tool — but like any debt secured by your home, it should be used with a plan.
Home improvements and renovations that can increase your property's value.
Consolidating higher-interest debt into a lower-rate line of credit.
Building an emergency reserve you can draw on only if you need it.
Funding education, a major life event, or a business opportunity.
The HELOC Process, Step by Step
Check your equity
We review your home's value and current balance to determine your available credit limit.
Apply & underwrite
Submit income and credit documentation; we underwrite the line and confirm your terms.
Close the line
Sign at closing and your HELOC is established — often with a one-time setup cost.
Draw as needed
Access funds during the draw period via transfers or checks, repaying and reusing as you go.
Frequently Asked Questions
What's the difference between a HELOC and a cash-out refinance?
A cash-out refinance replaces your entire existing mortgage with a new, larger loan and gives you the difference in cash. A HELOC keeps your current mortgage in place and adds a separate revolving line of credit on top of it — often with lower closing costs.
Is the interest rate on a HELOC fixed or variable?
Most HELOCs have a variable rate tied to an index, which means your rate can move up or down over time. Some lenders offer the option to convert a portion of your balance to a fixed rate. We'll walk you through the structure before you commit.
Do I pay interest on the full credit limit?
No — you only pay interest on the amount you actually draw from the line. If you're approved for a $50,000 line but only use $10,000, you're only charged interest on that $10,000.
Can I get a HELOC on an investment property?
Some programs allow HELOCs on non-owner-occupied properties, though terms and limits are typically stricter. We'll let you know what's available for your specific property type.
What happens when the draw period ends?
After the draw period (commonly 10 years), the line enters a repayment period — you can no longer draw funds and begin paying down the remaining balance over a set term, typically 10–20 years.
Are there closing costs on a HELOC?
HELOCs generally have lower closing costs than a full refinance, and some programs waive them entirely if you keep the line open for a minimum period. We'll give you the exact cost breakdown up front.
See How Much Equity You Can Access
Bring us your home's details and current balance — we'll show you the credit limit, rate, and terms you qualify for.
Check My HELOC Options