Information and Alerts

HELOC & Second Mortgages

Make the most of your home's equity

What is a HELOC?

A HELOC or Home Equity Line of Credit is a line of credit secured by the equity in your home. It can be used in many ways, including installing a new deck, updating that bathroom, buying new appliances, consolidating debt, and so much more! Our HELOCs offer a 10-year draw period, during which you can use the funds as needed, pay the loan down, and repeat as many times as wanted throughout that 10-year period. If there is a balance at the end of the draw period, it enters into a 10-year repayment period. HELOCs are great and offer you so much flexibility. Let Deseret First help you get the most of your home investment with a HELOC!

Borrow from your home's equity

Traits of a HELOC:

  • 20-year term (10-year draw, followed by a 10-year repayment period)
  • No Private Mortgage Insurance (PMI)
  • Available in most states
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HELOC 20-Year Term (10-Year Draw)*8.50%8.50%
Your individual rate may be higher based upon your creditworthiness. Property insurance is required. Terms and conditions apply. Membership and eligibility required. OAC. Additional rates and products found here. *HELOC is a variable rate loan with rates as low as Prime Rate plus margin, with a 3.50% floor. Maximum interest rate over the life of the loan is 18% APR.
**Rate stated as Annual Percentage Rate. Membership and eligibility required. Terms and conditions apply. O.A.C.

Second Mortgages

You've worked hard and invested in your home. Let's make the most of that hard work. Let Deseret First help you utilize your equity with a second mortgage. A second mortgage is similar to a HELOC in that they both allow you to access your home's equity. However, unlike a HELOC, a second mortgage gives you the funds in one lump sum upfront with a set monthly payment afterward. Just like how a normal loan operates. We'd love to help you find a second mortgage with the right terms and fixed interest rate for you. Contact a loan officer or start an application today!
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Second Mortgage Rates
5-Year 2nd Mortgage7.00%7.00%
10-Year 2nd Mortgage7.50%7.50%
6-Year Balloon (15-year amortization)7.50%7.50%
6-Year Balloon (30-year amortization)7.75%7.75%
Your individual rate may be higher based upon your credit worthiness. Property insurance is required. Terms and conditions apply. Membership and eligibility required. OAC. Additional rates and products found here.

Second Mortgage features:

5-10 year payment options
5 and 10-year fixed payment options
6-yr balloon
6-year balloon option, payments calculated over 15 or 30 years
No Private Mortgage Insurance (PMI)
Lending in most states
Lending available in most states

for details or to check availability in your area. Call 801-456-7590; available weekdays: 8am–6pm, Sat: 9am–2pm. Additionally, you may visit any Deseret First Branch or apply online.

What is a piggyback loan?

A piggyback loan is a second mortgage done at the same time as a first mortgage, essentially piggybacking on the first mortgage. DFCU offers these “piggyback” second mortgages for both purchasing or refinancing your home.

Why should I consider a piggyback loan?

Homebuyers often use piggyback loans to avoid private mortgage insurance (PMI) costs. If you don't have a full 20% down payment for a home, consider running the numbers. A piggyback loan can make up the difference and save you money on PMI. Contact a loan officer today to discuss your options with you. We'd like to teach you about your options, not sell or pressure you into something you're not ready for. Our priority is to help you find the option that makes you the most confident about your decision.
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