Best HELOC Rates and Best HELOC Lenders in Utah (September 2024)

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Updated: September 10, 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.

A Summary of the Best HELOC Lenders in Utah

Best Overall: Lower

Best for Affordability: Lower

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

We evaluated each lender in our research against a rubric, including APR ranges, annual fees and affordability, among others.

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Our analysis was completed in September 2024 and includes lenders that do business in Utah.

11Lenders Analyzed

    Best HELOC Lender Overall

  • 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
    Lower

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.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.78%
HELOC (15 year)APR6.78%
HELOC (20 year)APR6.78%

Where does this data come from?

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?

Finding the best HELOC lender in Utah depends on understanding your home's equity and credit score. If your home's equity is high, you might be able to borrow more money through a HELOC. According to Experian, the average credit score in Utah is 731. Securing a HELOC should be within reach if your credit score is close to that

Your eligibility for a HELOC in Utah isn't just about home equity and credit score, though. That's where our HELOC calculator comes in. By playing with different variables, it helps you gauge your chances. For instance, if you're considering updates to your home, the calculator can show you how those improvements might affect your borrowing capacity.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender for Affordability

  • 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
    Lower

How does MoneyGeek create this recommendation?


    Best HELOC Lender for Bad Credit

  • 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
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender for Large Loans

  • 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
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender for Debt Consolidation

  • 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
    PNC Bank

How does MoneyGeek recommend lenders 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.

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    Define Your HELOC Purpose

    Understanding your HELOC goals in Utah guides you to the right lender. Some may offer better terms for home renovations, others for debt consolidation. Know your aim — upgrade your house, pay off high-interest debts or cover educational expenses — to match with a lender that suits your needs.

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    Scrutinize Lender Reputation

    Examine each lender through the Better Business Bureau reviews and the Utah Department of Financial Institutions. This step unveils their credibility, helping you avoid potential issues and ensuring a trustworthy HELOC experience.

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    Compare Rates and Fees

    Assess HELOC offers by shopping around for the best rates and fee structures. Don't forget to review closing costs. Differences in rates and fees, including closing costs, can save you money in the long run.

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    Gauge Community Standing

    Choose a lender with positive community ties. Local awards signify customer service excellence. A lender's good reputation often translates to a better borrowing experience.

    loanReview icon

    Review Lender Flexibility

    Select a lender with flexible options — like interest-only payments or a fixed-rate HELOC. Easy application processes and online prequalification are signs of a customer-oriented lender.

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.

What's a good HELOC rate in Utah? What are the best HELOC rates in Salt Lake City?

A good HELOC rate in Utah would be around 6.24%. This rate assumes an LTV ratio of 80% or less and a credit score ranging from 680 to 740. Homeowners should note that rates can fluctuate based on creditworthiness and the specific lender chosen. The best HELOC rates in Salt Lake City often mirror the best HELOC rates across Utah.

Which HELOC lender is best overall in Utah?

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.

Can I still qualify for a HELOC in Utah if I have bad credit?

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.

Which HELOC lender in Utah is best for large loans?

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.

Can I use a HELOC to consolidate debt?

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. There are a variety of HELOC pros and cons that you should be aware of before applying for a HELOC.

How can I ensure I find the right HELOC lender in Utah for me?

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.

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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