HELOC & Second Mortgages


Make the most of your home's equity

A photo of a woman holding a cup contemplating our Home Equity Line of Credit promotion.

1.99% APR Introductory HELOC Rate!

  • Get a low introductory rate of 1.99% APR*
  • Save money with our low rate
  • Make home improvements
  • Consolidate debt
You love your home. You’ve worked hard to maintain it and turn it from a house to a home and for that, you should feel proud! But what would you do if there was a little extra money? Would you update that bathroom or install new cabinets in your kitchen? Maybe build a new deck with enough room for a big grill and a hot tub? With a Home Equity Line of Credit, or HELOC, from DFCU we can help turn those plans into reality. Click below to learn more about how our low, low introductory rate* HELOC could be the perfect tool to finally make those changes that will further turn your house into the perfect home.
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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 only in Utah & Idaho
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HELOC Rate
TermRateAPR
HELOC 6-Month Introductory Rate**1.99%1.99%
HELOC 20-Year Term (10-Year Draw)*3.95%3.95%
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, 3.25%, plus .70 percent. 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.
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2nd Mortgage Rates
TermRateAPR
5-Year 2nd Mortgage3.99%3,99%
6-Year Balloon (15-year amortization)4.24%4.24%
10-Year 2nd Mortgage4.24%4.24%
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 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

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