Home Equity Line of Credit: Flexible Home Equity Access With Zero Closing Costs
Our no-cost HELOC give you a competitive variable rate as low as 7.00% APR*, a 10-year draw period, and the freedom to borrow, repay, and borrow again whenever life calls for it. Best of all, you'll pay no closing costs when your line stays open for three years or more.
HELOC Benefits
A Safety Net That's Always Ready
A home equity line of credit functions like a credit card backed by your house—but with far better rates. You control when and how you use it, whether it's for a big project or unexpected expenses.
HELOC 20-Year Term (10-Year Draw)
A full decade to draw funds
Followed by 10 years of structured repayment
No closing costs
if your account remains open for three years or longer
Flexible, affordable, and designed to give you breathing room when you need it.
How It Works
Two Phases, Total Flexibility
During the first 10 years, you can draw from your HELOC as often as needed, making interest-only payments.
Once the draw period ends, the repayment phase begins—giving you 10 years to pay back principal and interest.
Think of it as a revolving credit line that grows and shrinks with your needs over time.
The No-Cost Advantage
Keep Your Equity Working for You, Not Paying Fees
Most HELOCs come with thousands in upfront costs—application, processing, and underwriting fees that reduce the very equity you're trying to access. With DFCU's program, those costs are waived if you keep your line open three years or longer. The only potential out-of-pocket cost is an appraisal, and in many cases that can be waived too.
Smart Uses for a HELOC
More Than a Loan—It's a Tool for Every Stage of Life
A HELOC is a flexible resource members often use to:
Pay for home renovations as work progresses
Build an emergency fund without tying up cash
Cover tuition or education costs at lower rates than student loans
Have funds available for investment opportunities when timing matters
You're only charged interest when you actually use the money—keeping this line open gives you options without obligation.
HELOC vs. Other Options
Why a HELOC Can Offer Flexibility
Unlike a cash-out refinance or personal loan, a HELOC lets you preserve your existing mortgage rate and borrow only what you need, when you need it. Paid-down amounts become available again, and there's no PMI requirement—giving you flexibility without disrupting your main mortgage.
Put Your Home's Value to Work on Your Terms
A no-cost HELOC from DFCU means access to credit for a full decade, no closing fees if kept open three years, and repayment flexibility designed around your life. From projects to protection, your equity becomes a resource you can rely on.
Become a Member Today
Church members and immediate family members can join the credit union.
*Rate stated as Annual Percentage Rate. 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. Terms and conditions apply. Your individual rate may be higher based upon your creditworthiness. Property insurance is required. Terms and conditions apply. Membership and eligibility required. On approved credit (OAC). Equal Housing Opportunity. No-Cost HELOC offer covers all closing fees except appraisal or Automated Valuation Model (AVM) fees, which must be paid upfront by the borrower. If the loan is paid off within three years from opening, borrowers must reimburse Deseret First Credit Union for the closing fees paid. Contact a loan officer for full details.