HELOC & Second Mortgages


Make the most of your home’s equity

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Make the Most of Your Home’s Equity!

3.99% APR, home and money icon
  • Low introductory rate of 3.99% APR*
  • Fund those special projects on your list with your home’s equity
  • Application takes 5 minutes or less

A HELOC or Home Equity Line of Credit can be the perfect tool this summer. Use it to improve your home! A HELOC from Deseret First starts at the low, low indtroductory rate of 3.99% APR* and is the first step in checking off your home improvement tasks. Are you selling? Buying? Or just fixing up? Let DFCU’s low introductory HELOC rate help you reach your goals this summer!

Limited Time Offer


*6 month intro rate of 3.99% 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. OAC.

What is a HELOC?


HELOC stands for Home Equity Line of Credit. A HELOC is a line of credit based on the equity you have in your home. To explain, it works like a credit card: you use the funds as needed, pay down, repeat. In particular, letting your home work for you by utilizing your equity. 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 repayment)
  • No Private Mortgage Insurance (PMI)
  • Up to 115% loan-to-value
  • Available only in Utah & Idaho
I’m ready to apply
HELOC Rate
TermRateAPR
HELOC 20-Year Term (10-Year Draw)*5.75%5.75%

Your individual rate may be higher based upon your credit worthiness. A credit report fee, flood certification fee, and title fees, all required to open the plan, generally cost around $220.00 total. 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, 5.50%, plus .25 percent. Maximum interest rate over the life of the loan is 18% APR.

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 Mortgage4.50%4.50%
6-Year Balloon (15-year amortization)4.75%4.75%
10-Year 2nd Mortgage4.75%4.75%

Your individual rate may be higher based upon your credit worthiness. A credit report fee, flood certification fee, and title fees, all required to open the plan, generally cost around $220.00 total. Property insurance is required. Terms and conditions apply. Membership and eligibility required. OAC. Additional rates and products found here.

Second Mortgage features:


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5 and 10-year fixed payment options

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No Private Mortgage Insurance (PMI)

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Up to 115% loan-to-value

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Lending available in most states

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6-year balloon option, payments calculated over 15 years


for details or to check availability in your area. Call 801-456-7590; 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.

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Do more with your home investment!

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