Best HELOC Lenders in Utah (December 2024)

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Key Takeaways

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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.

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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.

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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.

Overall Best HELOC Lender in Utah

Company logo for U.S. Bank
U.S. Bank
MoneyGeek Score:
96/ of 100

Minimum Credit Score660
Average HELOC APR9.45%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Borrow up to $750K
  • Provides a 0.50% autopay discount
  • Option to lock in a fixed interest rate
CONS
  • Minimum line amount is $25,000
  • Closing must be done at a local branch
  • Charges an early closure fee of 1% of loan amount

Runner-Up for Best HELOC Lender in Utah

Company logo for BMO BANK
BMO BANK
MoneyGeek Score:
94/ of 100

Minimum Credit Score650
Average HELOC APR8.51%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Offers a 0.25% rate discount for automatic payments
  • Provides a remote closing option for HELOC applications
  • Option to lock in your balance at a fixed rate
CONS
  • Charges a $75 annual fee
  • Charges a closing cost recoupment fee for accounts closed within 36 months
  • Locking in your rate costs $75 after closing

Calculate Your Monthly Payment

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.

Utah HELOC Payoff Calculator

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.

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Repayment Period Payment

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Best HELOC Lender in Utah for Affordability

Company logo for America First Federal Credit Union
America First Federal Credit Union
MoneyGeek Score:
93/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.24%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $5,000
  • Federally insured by the NCUA
  • Offers interest-only and fixed-rate HELOC options
CONS
  • Charges a reimbursement fee of up to $250
  • No hardship assistance for HELOCs
  • Other HELOC information not disclosed on the website

Best HELOC Lender in Utah for Service Quality

Company logo for Mountain America Federal Credit Union
Mountain America Federal Credit Union
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Federally insured by the NCUA
  • No annual maintenance fee
  • Allows interest-only payments during the draw period
CONS
  • Does not disclose rate discounts
  • No fixed-rate HELOC option
  • Doesn't offer hardship assistance

What You Can Use a HELOC for in Utah

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.

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    Home improvements or renovations

    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.

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    Consolidating high-interest debt

    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.

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    Funding education expenses

    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.

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    Investment properties

    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.

How to Apply for a HELOC in Utah

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.

  1. 1
    Review your financial health

    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.

  2. 2
    Compare rates in Utah

    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.

  3. 3
    Prepare required documentation

    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.

  4. 4
    Submit an 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.

  5. 5
    Undergo a home appraisal

    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.

  6. 6
    Wait for approval and closing

    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.

Know How Much You Can Borrow in Utah

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 UnionFrom $5,000
KeyBank$10,000 to $500,000
Mountain America Federal Credit UnionFrom $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
Ask the experts:

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

Credit & Mortgage Expert

Some lenders charge much higher fees than others when it comes to HELOCS. That’s why it’s recommended to shop around when applying for a HELOC. Some banks or credit unions will not charge you any fees at all, or you may just have to pay the appraisal fee.

FAQ: Best HELOC Lenders in Utah

Who is the best HELOC lender in Utah?

How to find the best HELOC lenders for bad credit in Utah?

What factors should I consider when choosing a HELOC lender in Utah?

What are common fees associated with HELOCs that I should compare in Utah?

What is the typical draw period for HELOCs, and does it vary between lenders in Utah?

How can I find a lender with flexible repayment options in Utah?

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.

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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.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

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.


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