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Step 1: How To Apply

Apply for a Home Equity Loan in many ways:

• Face-To-Face - Visit one of our many loan officers at any of our branches throughout Utah or either of our service centers in Wyoming
• Phone - Call a mortgage loan officer 801-708-8900 or toll free 800-833-8897 option 2.

Step 2: Required Documents

The documents needed to apply for a Home Equity Loan are:

• Copies of your most recent paycheck stubs for a one-month period. If this is a joint application, include copies for both applicants.

• If you are self-employed, have investment income, or earn commissions include copies of the last two years federal income tax returns.

• A copy of your most recent county tax assessment notice. A new appraisal may be required. The appraisal must be ordered by the Credit Union and you will be required to pay the appraisal fee.

• If the property is in the name of a trust, include a copy of the trust.

• Complete and sign the Uniform Residential Mortgage Application. Clearly mark any debts that are to be paid off with this new loan.
  • If you need an additional signer complete and sign the Uniform Residential Mortgage Application - Additional Borrower.

• Sign all copies of the disclosures within the application.

• Complete the homeowner insurance information sheet within the application.

Step 3: Choosing A Heloc Loan Program and Signing Documents

Helocs provide flexibility by allowing you to borrow what you need as you need the funds. Our programs typically consist of two separate phases: the Draw Period and the Repayment Period.

The Draw Period is open for up to 10-years. During this time, you can borrow what you need, pay it off and borrow again, like using a credit card. The minimum monthly payment required during the draw period is interest only, however the you may make principal payments at any time. The interest rate is variable and can fluctuate quarterly. After the draw period ends, the line of credit is closed and your loan transitions to the second phase.

The Repayment period begins with payments based on principle and interest, and the draw period is no longer available. Repayment terms can be 60, 120, or 180 months.

The full length of a Heloc Loan can be 15 years (10 year draw + 5 year repay), 20 years (10 year draw + 10 year repay), and 25 years (10 year draw + 15 year repay).

Once you and your loan officer determine the best plan for your needs, you will need to sign the closing documents. You may stop by any branch or the documents can be emailed to you. You will need to print the documents (single sided) and have them notarized.

The loan will fund once we receive the signed and notarized documents, and the Deed is recorded with your county. We have many different options to ensure you receive your loan proceeds in a timely and easy manner.