Best HELOC Lenders in Salt Lake City, UT (2026)

Salt Lake City's trajectory as a tech and economic hub has supercharged local real estate. The median [home value](/blog/appraisal-process-explained) in the Salt Lake metro area now sits near $530,000, driven by in-migration from California and other high-cost states, a booming tech sector (the "Silicon Slopes"), and Utah's perennial ranking as one of the top states for business and economic growth.

Even after the 2022–2023 national housing correction, Wasatch Front homeowners who purchased before 2021 hold substantial equity. The right HELOC can turn that equity into meaningful capital for renovations, investment, or debt optimization. Here's who offers the best rates and terms in the Salt Lake market.

HELOC Rates in Salt Lake City (February 2026)

Lender Type	APR Range	Max CLTV
Credit unions	7.00% – 8.25%	Up to 90%
Regional banks	7.50% – 9.00%	Up to 85%
National banks	7.75% – 9.50%	Up to 85%
Online lenders	7.25% – 10.99%	Up to 95%

Utah has no special HELOC restrictions beyond federal guidelines. The 3-day right of rescission applies; no additional waiting periods.

Best HELOC Lenders in Salt Lake City

1. America First Credit Union ⭐ Best Overall

America First is Utah's largest credit union — with over 1.4 million members and $20 billion in assets, it's among the top 10 credit unions in the entire country. Its HELOC product is exceptional.

Rates: As low as 7.00% APR for members with 740+ credit (prime minus 1.50%)
Draw period: 10 years
Repayment period: 15 years
Max CLTV: 90%
Credit line: Up to $500,000
Closing costs: Typically $0–$500
No annual fee
Membership: Open to Utah residents and many others
Best for: Salt Lake City homeowners who want the gold standard in Utah credit union lending

2. Mountain America Credit Union ⭐ Best Rates (Runner-Up)

Mountain America is another top-tier Utah credit union with a strong HELOC product and broad membership access.

Rates: Prime minus 0.75% to prime minus 1.25% for qualifying members
Draw period: 10 years
Max CLTV: 90%
Low closing costs
Best for: SLC homeowners who either already bank with Mountain America or want a second rate quote alongside America First

3. Goldenwest Credit Union ⭐ Best for Wasatch Back Properties

Goldenwest serves the Weber and Davis County areas north of Salt Lake — plus Park City and the Wasatch Back. Its local expertise in mountain and resort properties is unmatched among credit unions.

Rates: 7.25% – 8.25% APR
Experience with vacation/ski properties
Draw period: 10 years
Max CLTV: 80%–85% depending on property type
Best for: Salt Lake homeowners who own or are buying Park City, Deer Valley, or Heber properties

4. Glacier Bancorp / Bank of Commerce ⭐ Best Community Bank

Utah has several strong community banks that offer more flexible underwriting than national banks — particularly for the self-employed and investors.

Rates: 7.75% – 9.00% APR
Manual underwriting
[Real estate investment](/blog/dscr-loan-fix-and-flip) experience
Best for: Self-employed SLC homeowners or those with complex financial profiles

5. Zions Bank ⭐ Best Regional Bank

Zions Bancorporation is headquartered in Salt Lake City — making Zions Bank genuinely local in a way that most "regional" banks aren't. Its [HELOC underwriting](/blog/heloc-application-mistakes) reflects genuine Utah market expertise.

Rates: 7.75% – 9.00% APR
Draw period: 10 years
Utah-headquartered leadership
Relationship banking discounts available
Best for: Existing Zions banking customers and those who want a Utah-founded institution

6. Key Bank ⭐ Best for Larger Lines

Key Bank has meaningful Utah presence and competitive HELOC products with higher credit line limits suitable for Salt Lake's high-value properties.

Rates: 7.99% – 9.25% APR
Large credit lines: Up to $500,000+
Draw period: 10 years
Rate lock option available on draws
Best for: SLC homeowners with $500,000+ properties who need larger credit lines

7. Figure ⭐ Best Online Lender

Figure is available in Utah and offers market-leading closing speeds — 5 business days from application to funding.

Rates: 7.25% – 10.99% APR
Max CLTV: 95%
Non-revolving draw structure
Origination fee: 0% – 4.99%
Best for: Time-sensitive Salt Lake City borrowers

8. Discover Home Loans ⭐ Best No-Fee Option

Discover's no-closing-cost HELOC is appealing for SLC homeowners who want to minimize upfront costs.

Rates: 7.99% – 9.99% APR
$0 closing costs
No annual fee
Max CLTV: 90%
Best for: Cost-conscious borrowers who don't want to pay upfront fees

Salt Lake City Market Dynamics

The Silicon Slopes Premium

Utah's tech corridor — stretching from Salt Lake City through Lehi, Draper, and south to Provo — has generated significant high-income employment at companies like Adobe, Qualtrics, Domo, and dozens of others. This tech worker concentration has driven up home values significantly in Sugar House, The Avenues, East Bench, and suburban Cottonwood Heights.

Tech workers often have RSU and bonus compensation. Ask lenders how they document and credit variable compensation — this affects your qualifying income calculation.

Park City and Mountain Properties

Many Salt Lake homeowners also own (or aspire to own) properties in Park City, Deer Valley, Heber, or other mountain communities. Using a Salt Lake primary home HELOC to fund a mountain property purchase is a common strategy — and often cleaner than trying to get a HELOC on a ski property directly.

Large Family Sizes

Utah has the highest average household size and fertility rate in the country, which affects housing demand and renovation patterns. Many SLC homeowners use HELOCs for home additions (extra bedrooms, finished basements) to accommodate growing families — a practical, value-adding use.

Utah's Basement Culture

Salt Lake homes frequently have large, finishable basements. Finishing a basement in Utah often adds 20%–30% more livable square footage and can accommodate multi-generational households. HELOC-funded basement finishing is one of the highest-ROI renovation investments in the SLC market.

Inventory Constraints

Salt Lake City faces significant housing inventory constraints due to geographic limitations (mountains to the east, Great Salt Lake to the west, state-owned land to the south). This persistent inventory shortage supports home values and makes HELOC collateral very secure from a lender's perspective — which is partly why Utah credit unions are willing to lend at favorable margins.

How Much Can SLC Homeowners Borrow?

Typical calculation:

Home value: $530,000
Current mortgage: $300,000
Max CLTV (90%): $477,000
Available HELOC credit: $177,000

For a Sugar House or Holladay home:

Home value: $700,000
Current mortgage: $380,000
Max CLTV (90%): $630,000
Available HELOC credit: $250,000

Qualifying for a Salt Lake City HELOC

Standard requirements:

Credit score: 680 minimum (740+ for America First's best rates)
CLTV: ≤90%
DTI: ≤43%
Homeowner's insurance
2 years tax returns (self-employed) or recent pay stubs

Utah note: Utah doesn't have unusual homestead exemption limits that affect HELOC underwriting. Standard federal protections apply.

Salt Lake City HELOC vs. [Cash-Out Refinance](/blog/cash-out-refinance-guide)

With so many SLC homeowners locked into 2020–2022 mortgages at 3%–5%, preserving those rates is critical. A HELOC at 7%–8% on the incremental equity is far better than refinancing the entire first mortgage at today's rates.

See: HELOC vs. Cash-Out Refinance 2026

Top Uses for Salt Lake City HELOCs

Basement finishing: The SLC HELOC use case — adds living space and value
ADU/accessory dwelling: Utah's housing shortage makes ADUs highly rentable
Mountain property purchase: Park City, Deer Valley, Heber Valley down payments
Kitchen and bath upgrades: Strong resale ROI in SLC's active market
Investment property: See DSCR Loans in Salt Lake City for rental property financing

Frequently Asked Questions

Is America First or Mountain America better for HELOCs in SLC? America First slightly edges Mountain America on rates for the highest-credit borrowers. Both are excellent. Apply to both and let the offers compete.

Can I get a HELOC on my Park City vacation home? Yes, but expect higher rates (typically prime plus 0.50%–1.00%) and lower max CLTV (75%–80%) for second homes. A primary home HELOC is often the easier path.

Does Utah's LDS community affect lending? Some credit unions in Utah have religious roots but operate as regulated financial institutions under standard federal rules. No discriminatory practices are legal.

How long does HELOC approval take in Salt Lake City? America First and Mountain America typically take 3–5 weeks. Online lenders like Figure close in under 2 weeks.

HELOC Rates in Salt Lake City, UT (2026)
Utah HELOC Guide
DSCR Loans in Salt Lake City
HELOC vs. Cash-Out Refinance 2026
[[[Best HELOC Rates](/blog/heloc-rate-negotiation-guide) 2026](/blog/best-heloc-rates-2026)](/blog/best-heloc-rates-2026)
How Much HELOC Can I Borrow?
[[HELOC for Home Improvement](/blog/heloc-for-home-gym-conversion)](/blog/heloc-for-home-improvement)

Best HELOC Lenders in Salt Lake City, UT (2026): Rates, Fees & Local Picks

Key Takeaways