Best HELOC Rates and Lenders in Utah

A home equity line of credit (HELOC) lets you tap your home’s equity to access needed cash. You put your home up as collateral but usually qualify for lower rates than a credit card or personal loan.

We’ve scoured the internet to find the best HELOC lenders in the Beehive State. Read on to compare rates and terms.

Best online HELOC lenders in Utah

Company	Rates (APR)	Our rating
Figure	8.80% – 17.45%	4.9/5
LendingTree	Starting at 6.99%	4.7/5
Bethpage FCU	Starting at 8.50%	4.5/5
Hitch	8.25% – 13.00%	4.4/5

Our team rated several lenders offering home equity financing across the U.S. to create the list below. These lenders offer unique benefits and competitive rates.

Figure: Best HELOC

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LendEDU rating: 4.9 out of 5

• Online application process
• Fast funding, as little as five days
• Fixed rates

Figure provides Utah homeowners with a streamlined, fully digital HELOC application process. This results in fast funding that can be received in as little as five days. All HELOCs offered by Figure come with a fixed interest rate, which is unique for this financial product.

Utah residents can borrow up to $400,000 with the option to redraw up to 100% of the funds. There’s no in-person appraisal needed, allowing for approval in just five minutes for eligible borrowers.

LendingTree: Best for comparison shopping

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NMLS #1136 Terms and Conditions apply.

LendEDU rating: 4.7 out of 5

• Quick online application
• Compare multiple lenders
• Checking rates doesn’t affect your credit

LendingTree is an online marketplace where homeowners fill out one application and compare offers from lenders in its network. There are no costs to use LendingTree’s service and your credit won’t be impacted.

These lenders offer HELOCs and home equity loans with loans between $10,000 and $2 million. Repayment can last between five and 30 years.

Hitch: Best for a high LTV

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LendEDU rating: 4.4 of 5

• Quick processing and funding
• Simple, streamlined application process
• Access up to 95% of your home’s equity

Hitch is known for its speedy processing and funding times, a significant advantage for Utah homeowners needing quick access to funds. Its streamlined application process reduces the hassle often associated with traditional HELOC applications.

Borrowers can speak to a dedicated loan officer during the application process to answer any questions or assist with document collection.

Bethpage FCU: Best credit union

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LendEDU rating: 4.5 out of 5

• Member-focused services
• Promotional fixed-rate offer for 12 months

Bethpage FCU offers Utah residents the benefits of a credit union, including personalized customer service and competitive rates. There are no closing costs or appraisal fees.

Utah homeowners who prefer the member-focused approach of a credit union will find Bethpage FCU’s HELOC offerings appealing. There are no restrictions on how you use your funds. Repayment includes a 10-year draw period followed by a 20-year repayment period.

The best local HELOC lenders in Utah

Several local lenders offer competitive rates on HELOCs in Utah. 

UFirst Credit Union

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• Two repayment options
• Borrow up to 95% of your home’s value ($250,000 max)
• No closing costs, origination fees, or appraisal fees

UFirst Credit Union offers HELOCs to Utah residents looking to tap into their home equity. As a credit union, you must work, live, worship, volunteer, or attend school in one of these Utah counties: Salt Lake, Davis, Summit, Tooele, Wasatch, or Utah to qualify for membership.

Borrowers can access up to 95% of their home’s value, which is a higher LTV ratio than average. There are two repayment options—an interest-only HELOC or a standard HELOC with 1% monthly principal payments during the draw period. 

While rates start at 8% APR, they are tiered based on loan-to-value ratio, with lower LTVs qualifying for the lowest rates.

America First Credit Union

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• Several HELOC types, including fixed-rate loans and 100% LTV loans
• Has a 0.25% APR discount available for new customers
• No closing costs

America First Credit Union stands out for its diverse HELOC offerings for Utah homeowners. Specifically, it has five-year fixed rate HELOCs, no closing cost HELOCs, and 100% LTV HELOCs that allow you to borrow against your full home equity. 

This variety provides multiple options to fit different financial needs. To qualify, you must be eligible for credit union membership by living or working in certain Utah, Nevada, Arizona, Idaho, Oregon, or New Mexico counties.

Zions Bank

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• Two repayment options
• Borrow up to $2,500,000
• Fixed and variable rate options

Utah residents can access up to $2,500,000 with a Zions Bank HELOC based on home equity. This high maximum loan amount makes Zion Bank’s HELOC a great option for large projects or debt consolidation.

You have two repayment options—interest-only payments for 10 years or principal and interest payments from the start. Zion Bank’s “LockSelect” feature allows you to convert part of your HELOC balance into a fixed-rate loan.

The bank’s HELOCs have a 30-year repayment period, which is longer than the typical 20-year period offered by most lenders. This gives you more time to pay back higher balances. But it means you may pay more interest overall in the long run. 

A HELOC is a commodity except for loan provisions. All things being equal, I recommend going with the bank you normally do business with because transferring money to and from the HELOC and the operating bank account is easier. 

Michael Menninger

CFP®

What are the HELOC requirements in Utah?

Utah has high home values, which allows many homeowners to tap into substantial equity. Understanding general HELOC requirements in Utah can help you find the most competitive options. For starters, most national and Utah-based lenders offer HELOCs in the state. 

Some lenders may have stricter or looser eligibility requirements than others. But in general, you’ll need to meet these conditions: 

• Minimum 620 credit score (or a minimum 720 credit score for the best rates)
• At least 15% equity in your home (this is a maximum loan-to-value [LTV] ratio of 85%)
• A debt-to-income ratio below 43% 

Also, your existing mortgage must be current with no late payments. Lenders want to see you have the means and credit history to responsibly manage this revolving line of credit. 

Eligibility, rates, and the amount you can borrow are based on your LTV ratio. Your LTV is the current loan (mortgage) balance divided by your home’s appraised value. Multiply that by 100 to convert it to a percentage. 

Typically, the higher your LTV, the more difficult it is to qualify for lower rates and better terms.

How to get the best HELOC rates in Utah

Getting the lowest interest rate is key to saving money on a home equity line of credit. In Utah, eligibility and rates vary by lender, but generally, having a good credit score of at least 720 will get you the most competitive rates. 

Start the process by checking your credit reports and scores to understand where you stand. If needed, work on improving your score by paying down debts and correcting any errors. 

Lenders will review your credit history, income, existing mortgage, and the equity in your home when deciding your rate. Those with higher credit scores, lower debt-to-income ratios, and more equity generally receive the best rates.

To find the best rate: 

• Get HELOC rate quotes from multiple lenders, including banks, credit unions, and mortgage lenders. 
• Compare their rate tiers, fees, and options to find the best fit. 
• Look for discounted introductory rates and lenders that offer a rate match guarantee. This ensures you can secure the lowest rate available.

Once you select a lender, the application process takes two to six weeks, although online lenders often have quicker processing times. You must submit documents to verify income, assets, and home value. There may be appraisal and underwriting fees. 

Ask the expert

Micheal Menninger

CFP®

If you don’t qualify for a HELOC or the best rates, compare interest rates for other secured or unsecured loans to lower debt consolidation rates. The “credit card shuffle” could also work if you get 0% interest for 12-18 months, but you must do this methodically and with the intent of paying down debt. 

FAQ

What is the lowest HELOC rate in Utah?

The lowest HELOC rate in Utah varies depending on the lender, the borrower’s financial standing, and market conditions. Homeowners should compare rates from various lenders to find the most competitive offer tailored to their financial situation.

What HELOC has the highest rates in Utah?

The HELOC with the highest rates in Utah typically depends on factors such as the lender’s risk assessment, the borrower’s creditworthiness, and current market trends. Lenders that cater to borrowers with lower credit scores or higher loan-to-value ratios might offer higher rates.

Can I get a better HELOC rate with a local or online lender in Utah?

Whether better HELOC rates are available from local or online lenders in Utah depends on individual circumstances and preferences. Online lenders often offer competitive rates due to lower overhead costs, but local lenders might provide more personalized service and potential relationship discounts.

Are any lenders’ HELOCs not available in Utah?

There are lenders that don’t offer HELOCs in Utah. This can be due to state regulations or the operational scope of the lender. We’ve confirmed that the lenders above operate in Utah, but if you consider alternative lenders, make sure to check their state availability.