Home Equity Loans

Find the Right Home Equity Loan for You

Make the most out of the equity in your home with solutions fit for your needs. Unlock great Second Mortgage and HELOC Rates in Utah with Cyprus Credit Union today!

What’s the difference between a HELOC and a Second Mortgage? A Home Equity Line of Credit (HELOC) is a revolving line of credit based you can draw funds from at any time. A Home Equity Loan, also known as a Second Mortgage, is a non-revolving, lump-sum loan with a fixed interest rate.

 

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mortgage home equity

Home Equity Line of Credit (HELOC)

Flexible Borrowing When You Need It

Enjoy a revolving line of credit with a lower variable interest rate. Borrow as needed, make interest-only payments, and take advantage of some of the lowest HELOC rates available.

  • Access the equity in your home
  • Revolving line of credit similar to a credit card
  • Lower variable interest rate compared to other loans
  • Borrow up to 100% of your home’s value
  • No fees 

 

Choose How to Pay Your HELOC

Interest Only Payment Option

  • Draw period up to 10 years with a 10 year repayment period
  • $50 minimum payment per month
  • This payment option has a lower monthly payment

1.25% of the Balance Payment Option

  • Draw period up to 10 years with a 5 year repayment period
  • Monthly payment will be 1.25% of the balance, minimum of $50
  • This payment option requires a higher monthly payment, allowing the loan to be paid down more quickly

 

mortgage construction

Fixed-Rate 2nd Mortgage

Stable Rates, One–Time Payout

Lock in a low, fixed rate with a 2nd mortgage. Receive a lump sum and repay over time with set monthly payments. Use the funds for home improvements, major expenses, and debt consolidation.

  • Allows homeowner to borrow against their home
  • Money is loaned upfront in a one-time lump sum
  • Lower fixed interest rate compared to other loans
  • Borrow up to 100% of your home’s equity
  • Repayment terms up to 20 years
  • No fees

All second homes require an appraisal and are subject to third-party fees. Not all property types are eligible for these products. Please contact our in-house loan advisors for a current list of ineligible property types.

FAQs

What is a second mortgage, and how does it work?

A second mortgage is a loan taken out that’s secured by a property in addition to a primary mortgage. The funds can be used freely to finance home improvements, pay off debt, or fund large expenses.

What’s the difference between a HELOC and a home equity loan?

A home equity line of credit (HELOC) is a revolving line of credit, similar to a credit card, that you can access as needed. Conversely, a home equity loan lets you borrow a lump sum payment with fixed interest rates and repayment terms. 

Can I pay off a HELOC early?

Yes. Typically, you can pay off a HELOC early, so you can make extra payments toward the principal balance before the draw period or repayment period ends. 

Why should I get a home equity loan from a credit union?

Getting a HELOC or second mortgage from a credit union typically allows you to secure lower rates, fewer fees, and more flexible terms. 

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HELOC

Apr As Low As 7.50%

Fixed Rate 2nd Mortgage

Apr As Low As 7.49%
Meet the Mortgage Team
The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial. These products and services are not credit union deposits, not credit union guaranteed, not insured by NCUA or any other government agency, and may lose value. Cyprus Credit Union is a separate entity and is not affiliated with LPL Financial.
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