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As a homeowner in Utah, you've likely seen your property value grow significantly over the years. That growth builds equity—a powerful financial resource you can use to achieve your goals. At Granite Credit Union (Granite CU), a trusted Utah financial partner, we offer Home Equity Lines of Credit (HELOCs) to help you unlock the potential of your biggest asset: your home.
With a Granite CU HELOC, you are given a "draw period" where you can withdraw funds and pay interest only on the amount you use. Once the draw period ends, you enter a "repayment period" to repay the principal and any remaining interest. Our HELOCs also offer the convenience of a linked Visa Credit Card, making it easier than ever to access your funds.
HELOCs can be a valuable tool for a variety of Utah homeowners. Here's how they can help you achieve your goals:
Aspiring Entrepreneurs: Launching your own business? Cover startup costs, equipment, or marketing expenses.
Education Champions: Invest in your future or your child's education and finance tuition or training programs.
Home Improvement Heroes: Transform your living space as you desire.
Debt Consolidation Champions: Consolidate high-interest debt into a lower, much more manageable monthly payment.
Financial Security Seekers: A HELOC can be a financial safety net for unexpected expenses such as medical bills or major home repairs.
A HELOC from Granite CU offers the convenience of a Visa card with attractive rates. However, it's important to remember that using a HELOC requires sufficient home equity and a good credit score.
Here's why Granite CU is the perfect partner for your Utah HELOC needs:
Competitive Rates & Low Fees: We offer great low HELOC rates and minimal closing costs, putting more money back in your pocket. We lend up to $500,000 (up to 80% CLTV) based on your needs and qualifications.
No Annual Fees: Unlike some lenders, Granite CU doesn't charge annual fees for HELOCs.
Member-Focused Service: Our experienced loan advisors take the time to understand your financial goals and tailor a HELOC solution that fits your specific needs.
Commitment to Community: As a Utah credit union, we're dedicated to serving our members and strengthening our communities.
Unlike many lenders, Granite CU understands that one size doesn't fit all. We offer two distinct HELOC options to suit your specific financial situation:
1. Traditional HELOC Our Traditional HELOC provides maximum flexibility and long-term borrowing power. It is ideal for ongoing home renovations or long-term financial planning.
10-year draw period
10-year repayment period
Variable interest rate
Convenience of a Visa Credit Card for easy spending
2. LowPay HELOC Designed for budget-conscious homeowners, our LowPay HELOC is perfect for consolidating debt. It shortens your draw period to keep your monthly obligations as low as possible.
5-year draw period
10-year repayment period
Lower monthly payments to help you regain financial control
Becoming a member of Granite CU is easy and opens the door to our competitive HELOC offerings. Membership is open to those who live, work, worship, or attend school in our service areas. We believe in building strong financial futures for our members, and HELOCs can be a valuable tool in achieving your Utah dreams.
Ready to unlock the potential of your Utah home? Contact Granite CU today for a free consultation to discuss your HELOC options. You can also visit our website to learn more about becoming a member and explore our HELOC resources.
At Granite CU, we're here to help you accomplish your goals and projects with a flexible, affordable HELOC.
