HELOC & Second Mortgages


Make the most of your home's equity

A photo of luggage with the words: Rethink Your Home's Equity.

Rethink Your Home's Equity!

  • Get a low introductory rate of 1.99% APR*
  • Make home improvements
  • Go on vacation
  • Pay for education
  • Consolidate debt
  • Relieve medical expenses
You love your home. You’ve worked hard to maintain it and turn it from a house to a home. Now you can enjoy the benefits of the equity you have built into your home, it is time to rethink your homes equity. Would you like some new cabinets in your kitchen? Maybe a bigger deck? How about a hot tub to put on your new deck? How about that vacation you have been waiting to go on? Want to get rid of your student loans? All of that and more is possible with a Home Equity Line of Credit (HELOC) from DFCU. A HELOC is like a credit card, based on your credit and home equity. You can use as much of it as you want on whatever you want. Click below to learn more about your options with a HELOC and get in with our low introductory rate!*
Apply Now

Limited Time Offer


*6-month intro rate of 1.99% APR is a promotional offer. After the initial 6 months has ended, the rate for the HELOC will change to a variable rate based on Prime Rate plus margin. Rate stated as Annual Percentage Rate. Membership and eligibility required. Terms and conditions apply. O.A.C.

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 works like a credit card: you use the funds as needed, pay it down, and repeat. In essence, a HELOC utilizes your home equity to help you get the money to remodel or fix-up your home. So get more from your investment with a HELOC from Deseret First!

Borrow from your home's equity

Traits of a HELOC:

  • 20-year term (10-year draw)
  • No Private Mortgage Insurance (PMI)
  • Available in most states
I'm ready to apply
HELOC Rate
TermRateAPR
HELOC 6-Month Introductory Rate**1.99%1.99%
HELOC 20-Year Term (10-Year Draw)*3.5%3.5%
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. *This is a variable rate loan with rates as low as Prime Rate, with a 3.50% floor. Maximum interest rate over the life of the loan is 18% APR.
**6-month intro rate of 1.99% APR is a promotional offer. After the initial 6 months has ended, the rate for the HELOC will change to a variable rate based on Prime Rate plus margin. Rate stated as Annual Percentage Rate. Membership and eligibility required. Terms and conditions apply. O.A.C.

Second Mortgages

You work hard and you've invested in your home. So why not make the most of your efforts and utilize your profits? That's why Deseret First offers second mortgages: to give you easy access to your equity. A second mortgage is very similar to a HELOC but does have some key differences. A second mortgage operates more like other mortgages than a HELOC. Here's how it works, a lump sum (loan amount) is given to the borrower at the beginning of the term. The borrower pays back that lump sum (loan amount) plus interest until the mortgage is paid off.
Start Application
2nd Mortgage Rates
TermRateAPR
5-Year 2nd Mortgage3.49%3.49%
10-Year 2nd Mortgage3.74%3.74%
6-Year Balloon (15-year amortization)3.99%3.99%
6-Year Balloon (30-year amortization)4.49%4.49%
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 PMI
No Private Mortgage Insurance (PMI)
Lending in most states
Lending available in most states

for details or to check availability in your area. Call 801-923-6176; available weekdays: 8am–7pm, Sat: 9am–2pm. Additionally, you may visit any Deseret First Branch or apply online.

What is a piggyback loan?


You can use a Second Mortgage as a "piggyback loan." Sometimes these are also known as "purchase money second mortgage." But DFCU offers these loans for both buying a new home or refinancing.

Why should I consider a piggyback loan?

Often homebuyers use these to avoid costs from private mortgage insurance (PMI). So if you don't have a full 20% down payment to use towards a home, you may want to run the numbers! Because a piggyback loan could make up the difference. Thus saving you the money you would have spent on PMI. You have a lot of big decisions when it comes to home buying or refinancing. And we know it's easy to get overwhelmed. But we are also happy to ease your load! Contact a loan officer today to discuss your options. We teach, not sell or pressure you into something you're not ready for. Above all, we want to assist you in making assured decisions.
happy couple looking at homes on a tablet in their kitchen

Do more with your home investment!

Let's get started