Best HELOC Lenders in Salt Lake City, UT 2026
Salt Lake City homeowners average $268,000 in tappable equity, driven by the Silicon Slopes tech corridor and the University of Utah's research employment pushing values consistently higher. HELOC rates run near 8.6% in Salt Lake City, with Federal Heights and the Avenues generating the strongest demand and largest average credit lines in the Wasatch Front market.
Updated June 2026 · Editorial Independence Policy
Best HELOC Lenders in Salt Lake City, UT 2026
| Lender | Rate Type | Max LTV | Draw Period | Best For |
|---|---|---|---|---|
| Figure (Editor's Choice) | Fixed | 95% | 5 years | Fastest funding (5 days) |
| PenFed Credit Union | Variable | 90% | 10 years | Lowest variable rates |
| Bethpage Federal | Variable | 90% | 10 years | No closing costs |
| Bank of America | Variable | 85% | 10 years | Preferred Rewards discount |
| U.S. Bank | Variable | 85% | 10 years | High credit limits |
| Navy Federal | Variable | 95% | 20 years | Military & veterans |
All six lenders above serve Salt Lake City, UT. Rate data current as of June 2026. Your actual rate depends on credit score, combined LTV, draw amount, and property type.
Frequently Asked Questions
HELOCs in Salt Lake City: FAQ
HELOC rates in Salt Lake City currently average near 8. 6% for well-qualified borrowers with strong credit and combined LTV below 80%.
Figure offers a fixed-rate HELOC starting around 8. 25% APR for top-tier applicants in UT.
Variable-rate products from PenFed, Bethpage, and Bank of America track the prime rate plus a margin and adjust quarterly. Borrowers with 740+ FICO and less than 70% combined LTV consistently qualify for the lowest available rates in Salt Lake City.
Most lenders serving Salt Lake City cap combined LTV at 85%, meaning your existing mortgage balance plus the HELOC cannot exceed 85% of your home's current appraised value. Salt Lake City homeowners average $268,000 in tappable equity, with Federal Heights properties typically at the higher end.
On a Salt Lake City home valued at $500,000 with a $250,000 mortgage, a 85% combined LTV limit supports a credit line up to $175,000.
Figure is the fastest HELOC lender in Salt Lake City, with a 5-business-day funding guarantee for fully digital applications that clear automated underwriting. PenFed and Bethpage Federal typically close in 2-4 weeks.
Bank of America and U. S.
Bank take 3-6 weeks due to traditional branch-based underwriting processes. Navy Federal averages 20-30 days for eligible military borrowers.
If speed matters, Figure is the clear leader in Salt Lake City and covers UT statewide.
HELOC interest is deductible on federal taxes if the funds are used to buy, build, or substantially improve the home securing the line of credit. This applies to Salt Lake City homeowners the same as anywhere in the US.
If you use the HELOC for other purposes such as paying off credit cards or buying a vehicle, the interest is not deductible. The deduction applies to interest on up to $750,000 of combined home acquisition debt for loans originated after December 15, 2017.
Consult a licensed tax advisor to confirm deductibility for your specific situation.