Updated: December 21, 2024
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U.S. Bank is the best home equity line of credit (HELOC) lender in Utah, with a MoneyGeek score of 96 out of 100, followed by BMO Bank, with a MoneyGeek score of 94 out of 100.
The average HELOC limit in Utah is $133,619. How much you can borrow depends on factors like your home's equity, outstanding mortgage balance and credit score.
Comparing rates can help you find lenders that suit your needs. MoneyGeek compiled the best HELOC rates in Utah, updated weekly to assist you in your journey.
The average HELOC balance in Utah for the third quarter of 2023 was $51,076. This data is According to Experian. Managing your HELOC payments is key to handling this type of debt effectively and planning for any changes in your financial obligations.
Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much of your payments go toward interest and principal over time.
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Draw Period Payment
Repayment Period Payment
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HELOCs are a popular choice in Utah due to their flexibility and the control they offer over borrowing and repayment. These financial tools allow homeowners to manage their line amounts and repayment timelines effectively.
Understanding where you can use a HELOC can help you make the most of this financial resource.
A HELOC is perfect for home improvements, offering flexibility as costs evolve. It allows you to manage expenses efficiently, ensuring your renovation dreams become reality without financial strain.
With the average 2023 consumer debt in Utah at $138,485, a HELOC can simplify debt consolidation. It combines multiple debts into one manageable payment, potentially lowering interest rates.
A HELOC is a smart choice for education expenses, offering lower rates than other debts. Use it to cover tuition, books and supplies, ensuring your educational goals are financially attainable.
Using a HELOC for investment properties can boost your portfolio. Shop around for the best HELOC lenders for investment properties to secure favorable rates and terms, maximizing your investment potential.
Understanding the steps to apply for a Home Equity Line of Credit (HELOC) in Utah can make the process smoother. We've broken down this journey into six steps below to help you navigate with ease.
Assessing your current financial situation is essential for HELOC approval. Review your credit score, debt-to-income ratio and home equity. In Utah, the average credit score was 731, based on Experian data for the third quarter of 2023. A higher score can improve your chances of approval.
Exploring HELOC rates in Utah can help you secure the best deal. Consider not only the rates but also the lender's features, such as repayment terms, fees and the option for a fixed-rate HELOC. Evaluating these aspects can lead to more favorable terms.
Gathering the necessary documents is a key step in the HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information. Having these ready can streamline your application.
Submitting your HELOC application can often be done online, though in-person options may be available if your lender has a branch. Ensure all information is accurate and complete to avoid delays. Double-check for any errors or omissions before submission.
Some lenders may require a home appraisal to determine your property's current market value. This process involves a professional assessment of your home's worth, which can influence the terms of your HELOC.
The approval process for a HELOC can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may cover part of these costs, easing the financial burden.
The average HELOC limit in Utah was $133,619 for the third quarter of 2023, according to Experian. The maximum amount you can borrow with a HELOC is typically tied to the equity you have in your home. The more equity you have, the higher your potential credit limit may be.
Check the table below to see the range of credit lines offered by Utah lenders in our database.
| America First Federal Credit Union | From $5,000 |
| KeyBank | $10,000 to $500,000 |
| Mountain America Federal Credit Union | From $12,000 |
| Regions Bank | $10,000 to $500,000 |
| U.S. Bank | $25,000 to $750,000 |
| Umpqua Bank | $5,000 to $1,000,000 |
As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.
U.S. Bank is the best HELOC lender in Utah, with a MoneyGeek score of 96 out of 100. It excels in customer service, boasts a strong credibility and transparency and offers competitive interest rates.
A bad credit score is generally below 580 for FICO scores and between 300 and 600 for VantageScore. When looking for the best HELOC lenders for bad credit, consider factors like flexible terms, reasonable fees and willingness to work with lower credit scores.
Consider factors like interest rates, fees, borrowing limits, repayment terms and lender reputation when choosing a HELOC lender in Utah.
Common fees associated with HELOCs include origination, annual, application and early closure fees.
The typical draw period for HELOCs usually lasts 10 years, but some lenders may offer more flexible options.
Look for lenders offering fixed-rate HELOC options or allowing interest-only payments during the draw period.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.
Our analysis was completed in December 2024 and considered different banks and credit unions in Utah from S&P Global's SNL Depository Rates dataset.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
