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Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is a valuable financial resource for homeowners, but many people may not know how to unlock its full benefits. A HELOC lets you borrow against the equity you’ve built up in your home—essentially, the difference between your home’s market value and what you owe on your mortgage. Once approved, you gain access to a line of credit that you can use whenever you need it, similar to a credit card.

Understanding how to use a HELOC effectively can open up many possibilities. Common uses include funding home improvements, which not only improve your living space but may also increase your property’s value. With a HELOC, you can manage larger projects, like a kitchen remodel or landscaping upgrades, over time. Other homeowners use their HELOC for debt consolidation. Because HELOCs often have lower interest rates than credit cards, they can help you pay down high-interest debt, reducing the amount of interest you pay overall. Additionally, a HELOC can be useful for covering unexpected expenses, such as medical bills or emergency repairs.

How Do I Apply?

Applying for a HELOC is straightforward and convenient with modern tools. Many lenders, including UCCU, offer online applications, making it easy to get started from the comfort of your home. Once approved, you’ll have access to your funds through various convenient options, including mobile transfers and a HELOC Visa card. The Visa card makes it especially easy to use your HELOC for purchases, whether you’re buying materials for a home project, consolidating debt, or covering unexpected costs. Just swipe the card, and your payment comes directly from your HELOC account.

Managing your HELOC doesn’t have to be complicated, either. With mobile banking, you can monitor your balance, check your available credit, and transfer funds as needed, all from your phone. These tools allow you to stay on top of your HELOC and use it when you need it most, without unnecessary steps. By understanding how to unlock the full benefits of a HELOC, you gain financial flexibility. You have the power to invest in your home, manage debt effectively, and prepare for the unexpected—all backed by the equity you’ve already built. A HELOC offers freedom and financial control, making it a valuable tool for homeowners looking to maximize their resources.

Meet Your Home Equity Expert

A seasoned home loan professional, ready to act as your home equity advocate.

801-223-7650 | [email protected]
or send us a secure message from within online & mobile banking.

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Your house isn’t just a home. It’s an investment.

A Home Equity Line of Credit is an open-ended loan that’s issued to a homeowner based on the equity they have in their home. Popular uses include:

  • Remodels or improvements to your home or yard.
  • Cash flow tool.
  • Combine loans into one low payment and get out of debt faster.
  • Life’s expensive surprise.
  • Family vacations or big purchases.
  • Line of credit for a rainy day.

Unique UCCU Home Equity Benefits:

  • No closing costs and no fee options available*
  • Rate inflation protection*
  • Up to 90% Combined Loan-to-Value (CLTV)*
  • Loan-to-Value rate discounts
  • Easily transfer equity funds inside UCCU’s Mobile Banking App
  • Visa card for convenient access to your equity funds for purchases
  • Apply for and close your Home Equity from the comfort of your own home (if you prefer)
Talk to a UCCU Home Equity Expert today, or review different home equity line of credit options below.

Let’s help you determine which home equity line of credit is best for you!

Family of four on couch

Standard

Lowest payment possible for optimal cash flow.

Interest-only Payment Option
6-month Introductory Fixed Rate
10-Year Draw Period

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Initial Fixed

Fixed rate up to ten years for optimal peace of mind.

Principal and Interest Payment
Fixed up to 10 years
5-Year Draw Period

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Learn more about Home Equity Lines of Credit:

Standard

  • Choose an interest-only payment, or set your payment anywhere you’d like above the minimum payment amount to pay down principal.
  • Loan payments are due on the 25th of each month, and only begin after the first use of your home equity.
  • Payments are calculated based on the previous month’s balance and the current rate.
  • At the end of the initial draw period, you can request a draw period extension*; otherwise your loan will convert to an installment loan and amortize the remaining balance over an additional 15-year period.

Draw Period: 10 Years

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Initial Fixed

  • UCCU’s unique home equity comes with both a fixed rate for up to 10 years and a draw period for 5 years.
  • Loan payments are due on the 25th of each month, and only begin after the first use of your home equity.
  • At the end of the draw period, you can request a draw period extension or amortize your remaining balance up to an additional 10-year period.*

Draw Period: 5 Years

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Mobile Transfers

With UCCU’s mobile banking app, you can transfer equity funds effortlessly—anytime, anywhere. Our app makes it easy to access and move your funds securely, letting you manage your finances on the go. Simply log in, choose your transfer amount, and enjoy the convenience of handling your equity funds with just a few taps.

Convenience From Home

Enjoy convenience from home with UCCU’s HELOC services. You can apply, manage, and even close your HELOC without leaving your house. Our online tools and support make it easy to access funds, track your progress, and finalize your loan—all from the comfort of home, saving you time and simplifying your financial journey.

HELOC Visa Card

Access your HELOC funds instantly with UCCU’s HELOC Visa Card, designed for quick and easy purchases. This convenient card allows you to tap into your available credit on the go, whether you’re shopping, dining, or covering unexpected expenses. Take advantage of the flexibility of using your equity funds whenever you need them, without extra steps.

Frequently Asked Questions

What can I use a HELOC for?

You can use a HELOC for many things with UCCU, depending on your financial needs and goals. HELOCs are often used by members for home renovation, which can add value to your property, or debt consolidation, which may help lower your interest rates. You can also use a HELOC to cover education costs, medical expenses, or other major life events. You can also have it as a rainy day account for when there are unexpected expenses or emergencies! A HELOC can give you room to be flexible and have funds when you need them. At UCCU, we’re here to help you find the best way to use your home equity to achieve your personal goals.

How do you know how much money you can get?


UCCU decides your HELOC limit based on the equity you’ve build in your home, along with factors like your credit score and income. Typically, we lend up to a percentage of your home’s appraised value minus any remaining mortgage balance. This helps you to unlock a substantial portion of your equity without disturbing your primary mortgage. Our Home Equity Limit Estimator can help you get an initial estimate quickly to help you see how much you may qualify for.

Can I apply for a HELOC if I already have a mortgage?

Yes, you can apply for a HELOC at UCCU even if you currently have a mortgage. HELOCs are often referred to as a “second mortgage.” Because your original mortgage stays in place, and the HELOC is added in as a loan based on the equity you’ve built up. Just keep in mind that UCCU will assess your ability to manage both payments, which may include reviewing your income, credit score, and debt-to- income ratio to make sure you can handle both obligations. UCCU’s HELOCs are designed to help you use the equity you’ve built-safely and responsibly.

What happens to my HELOC if I sell my house?

If you sell your house, your HELOC will typically need to be paid off fully as part of the sale process. Since your home serves as collateral for the HELOC, the outstanding balance must be cleared at closing. The proceeds of the home sale usually go toward paying off your primary mortgage first, followed by the HELOC. Any remaining funds go to you. UCCU can help you know of any specific requirements related to closing your HELOC when you sell your home.

How does rate inflation protection work?

UCCU offers rate inflation protection on a HELOC which helps shield borrowers from significant increases in inflation rates, especially on variable-rate HELOCs. Our HELOCs have a rate cap that limits how much the interest rate can increase over a given period, and we offer both annual and lifetime caps. This protection makes sure that any changes in your monthly payments stay manageable.

Are there any fees or closing costs?

Yes, like most HELOCs, UCCUs may include certain fees and closing costs. These can include items like application and appraisal fees, or annual fees to maintain the line of credit. However, we will provide you with a clear breakdown of any fees upfront, so there are no surprises.

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*Financing is subject to UCCU membership and underwriting criteria. Not every applicant will qualify. Property insurance is required. Variable rates based on the Prime Rate as published in the Wall Street Journal on the 15th day of the month prior.
Additional Draw period extensions may be approved: Pending underwriting review.
No closing costs and no fee options available: Conditions apply. Appraisal fee will apply if loan amount is greater than $400,000 or if required by the underwriter. If the loan is paid off within 24 months of funding date, reimbursement of all third party fees required. These may include but not limited to title, automated valuation, and insurance fees.
Rate inflation protection: UCCU protects you against drastic rate fluctuations in the market by not allowing your rate to increase more than 0.25% per quarter (3 months) and no more than 6.00% above the non-discounted rate over the life of the loan. The maximum APR that can apply is 18.00% or maximum permitted by law, whichever is less. However, under no circumstances will your APR go below the minimum 4.99% at any time during the term of the plan except when an introductory rate applies. The APR can change monthly on the first day of the month. Minimum home equity line of credit: $10,000.
Up to 90% combined loan-to-value (CLTV): the maximum CLTV up to 90% varies upon borrower’s credit score, requested loan amount, and balances of mortgage (or any superior liens on the property). Rates, terms, and programs are subject to change and without notice. Equal housing lender. NMLS # 407653. Federally insured by NCUA.

Standard Home Equity Disclosure:

*APR = Annual percentage rate. Financing is subject to UCCU membership and underwriting criteria, not every applicant will qualify. Rates as low as 5.99% introductory fixed rate for 6 months, 6.74% variable APR (Prime – 1.01%). For loans greater than 80% LTV (loan-to-value) the variable APR is 9.24% (Prime + 1.49%). Property insurance is required. Interest rate will not vary above 18.00% or below 4.99%. Variable rates based on the Prime Rate as published in the Wall Street Journal on the 15th day of the month prior. Limited time offer. Appraisal, title, and insurance fee reimbursement required if paid off and closed within 24 months of funding date. Equal housing lender. NMLS # 407653. Federally insured by NCUA.

Initial Fixed Home Equity Disclosure:

*APR = Annual percentage rate. Financing is subject to UCCU membership and underwriting criteria, not every applicant will qualify. Rates as low as 6.99% variable APR (Prime – 0.76%). For loans greater than 80% LTV (loan-to-value) the variable APR is 9.74% (Prime + 1.99%). Property insurance is required. Interest rate will not vary above 18.00% or below 4.99%. Variable rates based on the Prime Rate as published in the Wall Street Journal on the 15th day of the month prior. Limited time offer. Appraisal, title, and insurance fee reimbursement required if paid off and closed within 24 months of funding date. Equal housing lender. NMLS # 407653. Federally insured by NCUA.