Introducing No-Cost
HELOCs & Second Mortgages!
Save on closing costs today. No closing fees when you maintain your loan for three years or longer.*
What is a HELOC?
A HELOC (Home Equity Line of Credit) is a flexible line of credit secured by the equity in your home. Use it for home improvements, debt consolidation, major purchases, or other financial needs.
We’re now offering No-Cost HELOCs! Enjoy no closing fees when you keep your line of credit open for three years or more.*
Your HELOC includes a 10-year draw period followed by a 10-year repayment period, allowing repeated access to funds as you repay your balance. Take advantage of your home’s equity today with Deseret First!
Borrow from your home’s equity
Traits of a HELOC:
- 20-year term (10-year draw, followed by a 10-year repayment period)
- No Private Mortgage Insurance (PMI)
- Available in most states
| Term | Rate | APR |
|---|---|---|
| HELOC 20-Year Term (10-Year Draw)* | 9.50% | 9.50% |
*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.
**Rate stated as Annual Percentage Rate. Membership and eligibility required. Terms and conditions apply. O.A.C.
Second Mortgages
You’ve invested wisely in your home; let Deseret First help you leverage your equity with a second mortgage. Receive your funds upfront in one lump sum and enjoy predictable, fixed monthly payments.
No-Cost Second Mortgage now available! Open a second mortgage without paying closing fees as long as the loan stays open for at least three years.✝
Start Application
| Term | Rate | APR |
|---|---|---|
| 5-Year 2nd Mortgage | 7.00% | 7.00% |
| 10-Year 2nd Mortgage | 7.50% | 7.50% |
| 6-Year Balloon (15-year amortization) | 8.00% | 8.00% |
| 6-Year Balloon (30-year amortization) | 8.25% | 8.25% |
✝ Second Mortgage 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. Fees will be detailed on your Closing Disclosure under “Paid by Others.” Contact a loan officer for details.
Second Mortgage features:
What is a piggyback loan?
Why should I consider a piggyback loan?
Homebuyers often use piggyback loans to avoid private mortgage insurance (PMI) costs. If you don’t have a full 20% down payment for a home, consider running the numbers. A piggyback loan can make up the difference and save you money on PMI. Contact a loan officer today to discuss your options with you. We’d like to teach you about your options, not sell or pressure you into something you’re not ready for. Our priority is to help you find the option that makes you the most confident about your decision.