A HELOC gives you access to cash that you can use to fund large expenses, including home repairs, emergency needs and high-value purchases. To receive a HELOC, your home will be used as collateral, so it’s a good option for financially responsible homeowners that have considerable home equity.

MoneyGeek’s research found that home equity lines of credit rates range from 0.99% to 18% in Utah, with the Bank of America being the best HELOC provider in the state. If you’re considering a HELOC, we suggest that you shop around and compare offers in order to access the lowest rates.

Home Equity Line of Credit (HELOC) Rates for 2023

The table below lists interest rates, credit requirements, repayment terms and other important details about HELOC providers. The data was updated as of May 2022, but rates and features frequently change over time. MoneyGeek, however, regularly updates its pages as new information becomes available.

Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time

3.75% to 18%

$25,000 to $1,000,000


10-year draw period
and 20-year repayment period



Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% variable

$25,000 to $1,000,000

Not specified

10-year draw period,
20-year repayment period

Not specified

Not specified

3.65% to 8.80%

$15,000 to $750,000


10-year draw period,
unspecified repayment period


Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


Not specified

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


24 hours

Starting at 3.50%

$15,000 to $400,000


5 to 30 years

3% to 4.99%

24 hours

Starting at Prime - 0.50%

Starting at $17,500

Not specified

10-year draw period,
15-year repayment period


Not specified

Starting at 3.34%

Starting at $25,000


Not specified


Not specified

3.49% for 6 months
(4.08% thereafter)

Starting at $5,000

Not specified

15-year draw period
with 15-year repayment period


24 hours

3.75% to 10.63% variable

$10,000 to $500,000

Not specified

10-year draw period,
and then 20 years for repayment


Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Utah

MoneyGeek cares about you, the consumer, so our goal is to help you choose the best HELOC companies available for your profile and needs. However, you should know that there aren’t many lenders offering HELOCs aside from national banks. If your loan application is denied by a national lender, it’s best to check if your local credit union offers a HELOC.

Best Overall HELOC Lender in Utah: Bank of America

  • Bank of America

    Borrowers get an APR of 1.99% for six months with a Bank of America HELOC.

    • 7.49% (introductory rate) then 9.90%APR Range
    • UndisclosedMinimum Credit Score
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Bank of America

Best HELOC Lender for Good Credit in Utah: U.S. Bank

  • U.S. Bank

    Avoid application fees and closing costs with a U.S. Bank HELOC.

    • 8.95% to 12.70%APR Range
    • 660Minimum Credit Score
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    U.S. Bank

Best HELOC Lender for Bad Credit in Utah: Figure

  • Figure

    Figure offers HELOCs for homeowners with credit scores of at least 620.

    • 6.10% to 14.74%APR Range
    • 640 (680 for investment properties or second homes)Minimum Credit Score
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time


Best HELOC Lender for Competitive Rates in Utah: PenFed

  • PenFed Credit Union

    Get 0.99% introductory APR for six months with PenFed’s HELOC.

    • Starting at 8.625%APR Range
    • 680Minimum Credit Score
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    PenFed Credit Union

HELOC vs. Home Equity Loans

You use your home as collateral for both a home equity loan and a home equity line of credit (HELOC). Other than that, the two are different financial products.

A home equity loan allows you to borrow lump sum cash based on your house’s equity value, which is your home’s current value minus your mortgage balance. Similar to personal loans, home equity loans feature fixed interest rates and repayment terms.

Meanwhile, you can use your home’s equity value to gain a line of credit from a loan provider with a HELOC. During the draw period, you can borrow up to a specific amount at any time, like a credit card. HELOCs are paid with a variable interest rate, so you aren’t locked into a fixed monthly payment schedule.

The table below breaks down the differences between a home equity loan and a HELOC.

Home Equity Loan

Interest Rate

Adjustable interest rate,
but fixed-rate options are available

Fixed interest rate

Monthly Payment

Changes depending on
the amount of money borrowed

Fixed monthly payments

Repayment Terms

During the draw period, borrowers pay
interest on the money they borrowed;
after the draw period, they repay any
principal owed in addition to interest

Repayment starts as soon as
the money is given to the borrower

Fund Disbursements

Line of credit

Lump sum delivery

How to Apply for a HELOC

Applying for a HELOC is easy — most lenders allow you to check offers and fill out forms online. Since you’re putting up your house as collateral, the process is also more straightforward compared to getting an unsecured loan. Typically, you only need to provide your personal details and wait for the lender’s approval.


Determine how much you need

Despite having relatively low interest rates, getting a HELOC is risky as you’re putting your house as collateral. As such, it’s best for financially responsible people who know exactly how much they need to borrow. MoneyGeek recommends using it for expenses like home improvement, which increases your house’s overall value. A HELOC is not recommended for unproductive expenses, such as buying a car or going on a holiday trip.


Assess your financial standing

You need to understand your financial situation before you apply for a HELOC. Lenders will evaluate your creditworthiness before approving your loan, so you’ll need to pass their credit score requirements. Aside from that, you want to ensure that you’re capable of repaying the loan with your current cash flow. If you’re already drowning in debt, taking out a loan against your home might not be the best idea.


Shop around and compare lenders

If you’ve decided that getting a HELOC is the right choice for you, the next step is to research different lenders and compare available offers. Doing this will help you access the lowest rates and the best terms for your profile. It won’t hurt to wait for a day or two, so you can decide if a specific vendor is the best fit for your needs.



You can apply for a HELOC online with most companies. We recommend preparing all the information you need before starting your application to expedite the process. You may be asked to provide income-related documents like payslips and bank statements. Also, answer all questions truthfully to avoid complications with your lender.


Use funds wisely

Once your credit line is approved, you can now start withdrawing funds. HELOCs are best used for home improvement projects or investments. Additionally, your HELOC interest payments may be tax-deductible. Avoid using your funds irresponsibly, as defaulting on your HELOC could cause you to lose your home.

Frequently Asked Questions About HELOCs

It’s easy to open a home equity line of credit in Utah, and most lenders allow online applications. To help you learn more about the topic, MoneyGeek answered some frequently asked questions about HELOCs.