Home Equity Loan

A Second Mortgage can help with major expenses

You can use Home Equity Loan (also known as a Second Mortgage) to help with major expenses, such as home remodeling.

Use the equity in your home to get the financials you need

University-Icon-Product-PaintBrush.png
  • Borrow up to 90% of your home’s value
  • Terms up to 10 years
  • Fixed rates

Loans subject to credit approval. See current rates and terms. Home equity financing will require a minimum of a 10% down payment. For example a $100,000 loan approved at 90% of value would require a down payment of $10,000. The minimum payment for a $90,000 loan at a 6.24% APR and 10-year term is $1,010.07. The minimum payment for a $90,000 loan with a 4.99% APR and a 5-year term is $1,698. These payment examples do not include taxes and insurance. Your actual payment may be higher. The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan.  See our Loan Calculators for specific examples.

Current Rates*

Rates effective 11/01/2017
Term 80% LTV 90% LTV 100% LTV
5 Years 3.99% 4.99% 6.24%
7 Years 4.24% 5.24% 6.49%
10 Years 5.24% 6.24% 7.49%

*Rates as low as. Loans subject to credit approval. See current rates and terms. Home equity financing will require a minimum of a 10% down payment. For example a $100,000 loan approved at 90% of value would require a down payment of $10,000. The minimum payment for a $90,000 loan with a 6.24% APR and 10-year term is $1,010.07.  The minimum payment for a $90,000 loan with a 4.99% APR and a 5-year term is $1,698.00.  These payment examples does not include taxes and insurance.  Your actual payment may be higher.  The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan.  See our Loan Calculators for specific examples.

Educate Yourself: Wiki University

WikiU-Financial-Education-WSquare.png

Home Equity

Using the equity in your home to pay off unsecured debt can be a financially pragmatic...

Read More >
WikiU-Financial-Education-BSquare.png

Remodel on a Budget

When buying a home, wouldn’t it be nice to find one that had everything ...

Read More >

*HELOC: University Credit Union HELOC's have a 10 year draw period followed by a 10 year repayment period. Minimum line of credit is $5,000 with a $100 minimum advance. Fees will be incurred if HELOC is closed within 24 months of its origination date.  You may prepay you loan at any time without penalty.  In the case of Home Equity Line of Credit (HELOC), Equity Loan, or a no-fee first mortgage loan, we may require repayment of the hard costs if the loan is paid off within the first two years.

*Crimson Rewards Visa: Visit our Visa Rewards site to view the awards catalog or to learn more about the program rules and details.

Not a member of University Credit Union yet? Here are some reasons to join:

Member-owned - We’re owned by our members, so our only purpose is to serve you

Local to Utah - We care about, serve in, and invest in our local community

Loyal to You - The decisions we make are to serve you, our members, not a for-profit board

Become a Member