Best HELOC Rates and Lenders in Utah (2024)
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in Utah is Lower. It serves customers through an online platform with no physical branches. MoneyGeek's analysis looked at various factors to determine the best lender, not just cost.
Lower was chosen for its competitive APR range of 8.75% to 13.5%, loan amounts ranging from $15,000 to $500,000 and minimal credit score requirement, starting at 580. There are no annual fees or discounts offered, making the terms straightforward.
MoneyGeek reviewed 11 HELOC lenders for Utah homeowners. Although these reflect some good options, there are more lenders in the state. Institutions like Utah First Credit Union, UFirst Credit Union and Bank of Utah should be considered too, as they might have specials that cater specifically to Utah residents.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender for homeowners in Utah. Lower offers APRs ranging from 8.75% to 13.5%, allowing for affordable borrowing. Its loan amounts range from $15,000 to $500,000, catering to various financial needs. Homeowners with credit scores starting at 580 can get approved, making it accessible to a broader audience. Personalized support ensures smooth sailing right from an online application. For Utah homeowners wanting to unlock their home equity, Lower makes it straightforward with clear information easily found on its website.
Pros
- No annual fee
- Credit scores from 580 accepted
- Personalized post-loan support
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Unclear repayment period length
Best HELOC Lender Overall
HELOC Rates in Utah by Credit Score
Your HELOC APR can fluctuate due to various elements, including credit scores and LTV ratios. Even in Utah, homeowners with strong credit and an LTV ratio under 80% can see diverse rates based on their chosen repayment terms. Review the table to see how rate adjustments reflect different options.
Comparing APRs from different HELOC lenders in Utah can lead to significant savings over the loan's life. A lower APR means less interest paid, making borrowing more cost-effective. It shapes your repayment schedule and overall financial flexibility. Take time to explore rates to enhance your borrowing experience.
HELOC Calculator: Do You Qualify in Utah?
Based on a study by TransUnion, homeowners in Utah may find that high home equity allows for larger borrowing potential through a HELOC. With an average credit score of 731 in the state, as reported by Experian, maintaining a score in this range can position you well for a HELOC approval.
Eligibility for a HELOC in Utah hinges on multiple factors, including your equity and credit score. To assess your position, utilize the HELOC calculator to experiment with different variables and gauge your likelihood for approval. This tool is instrumental in your HELOC search to establish a clear financial picture.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender in Utah for homeowners seeking cost savings. With a minimum APR of 8.75%, maximum APR of 13.5% and no annual fees, it offers competitive rates. Rate discounts enhance affordability for homeowners in Utah focused on low expenses. Lower accepts a credit score as low as 580, making it accessible to a wider audience. Personalized support ensures borrowers navigate their loan options effectively. While it does not disclose specific discount details, the absence of annual fees signifies notable savings over time.
Pros
- No annual fee
- Accepts low credit scores
- Personalized support offered
Cons
- No rate discounts offered
- No option to convert to a fixed rate
- Does not disclose repayment period
Best HELOC Lender for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is your go-to for a HELOC if your credit has seen better days. A 660 minimum credit score makes it accessible. You won't see rates climb above 13.1%, and the autopay option nudges that down by another 0.5%. Imagine your line of credit being as flexible as $15,000 to $750,000, giving you room to breathe and bank on your home equity, without the heavy burden. For homeowners in Utah with faltering credit scores, this offers a lifeline for funding, with a clear-cut repayment plan. U.S. Bank is accredited by the BBB, though currently does not have a rating.
Pros
- No closing costs
- Prequalify online available
- Interest-only payment option
Cons
- Closing in person required
- Charges early closure fee
- $75 annual fee applicable
Best HELOC Lender for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Bank of America is the top HELOC lender in Utah for large loan amounts. A HELOC can fund high-cost projects like home renovations or education. Homeowners looking for significant borrowing power will find its high loan limit up to $1 million favorable. Additionally, a 10-year draw period followed by a 20-year repayment term gives ample time for financial management. Notably, it doesn't charge an annual fee and offers multiple discounts and assistance during financial hardship, making it a sound choice for Utah residents.
Pros
- Maximum loan amount of $1 million
- No fees on applications
- Offers multiple discounts
Cons
- Minimum online loan amount of $25,000
- Must close in person at a branch
- Early closure incurs a $450 fee
Best HELOC Lender for Large Loans
- PNC Bank
- 8.22% to 14.5%APR Range
- $10,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- Undisclosed draw period; 5-30 year repayment periodRepayment Terms
- $50Annual Fees
PNC Bank is the top choice for a HELOC in Utah for consolidating high-interest debts like credit card balances and personal loans. PNC Bank is beneficial with an APR range of 8.22% to 14.5%, allowing homeowners to potentially reduce costs. Homeowners can receive funds within three days after closing. The maximum loan amount of up to $1 million ensures sufficient funds to cover various high-interest debts, simplifying finances into one payment. Additionally, PNC Bank's product is a hybrid HELOC, acting as a credit card backed by home equity, reported as a HELOC on credit reports.
Pros
- Variable and fixed rate flexibility
- 0.25% rate cut with autopay signup
- Reimburses various application fees
Cons
- Charges a $50 annual fee
- Charges a late fee
- Does not disclose most information
Best HELOC Lender for Debt Consolidation
How to Choose a HELOC Lender in Utah
Having explored MoneyGeek's top picks for Utah HELOC lenders, you might wish to broaden your horizons. The following strategies will streamline your search for a fitting HELOC lender, ensuring you find one that aligns with your specific needs and circumstances in Utah.
FAQ: HELOC Lenders and Rates in Utah
Navigating through the options for a HELOC can be tricky. The frequently asked questions below offer clear guidance to Utah homeowners looking to understand HELOC lenders better, helping you compare rates and terms, so you make a well-informed lending decision.
A competitive HELOC rate in Utah hovers around 6.75%. These rates typically apply to borrowers with an LTV ratio of 80% or below and a credit score within 680 to 740. Note that actual rates may differ based on creditworthiness and lender policies.
Lower is considered the best overall HELOC lender in Utah. It is chosen for its advantageous APR range of 8.75% to 13.5%, allowing for a minimum credit score as low as 580 and offering loan amounts ranging from $15,000 to $500,000. These features make it accessible and flexible for a wide range of homeowners.
Yes, it's possible to qualify for a HELOC in Utah with bad credit. U.S. Bank, for instance, offers HELOCs to those with credit scores as low as 660. When choosing a lender, consider factors like minimum credit score requirements, potential discounts and the highest APR offered.
For sizeable HELOC needs, Bank of America stands out in Utah. Homeowners wanting to fund significant home renovation projects or cover major life events, like a wedding or education costs, often seek large loans, which Bank of America can cater to up to $1,000,000.
Certainly, a HELOC can be a tool for debt consolidation, offering potentially lower APRs and a simplified payment structure. PNC Bank is recommended by MoneyGeek for this purpose, with an APR range of 8.22% to 14.5%, allowing borrowers to receive funds within three days of closing, for loans up to $1,000,000.
Finding the right HELOC lender in Utah entails understanding your financial situation and the purpose of the HELOC. Prioritize aspects like APR, loan amount, fees and terms that match your intended use, whether it's for renovation, debt consolidation or another financial goal.