Home Equity Loans & Lines of Credit

Home Equity Loans and Lines of Credit



Home Equity Line of Credit (HELOC)

HELOC at United Teletech

Borrow only what you need... when you need it

10-year draw period plus 5-year repayment period

After as low as Prime + 0.00% (APR as low as 5.25%*)

Up to 85% CLTV**


Apply Online


Call 866-462-5532


Fixed Rate Home Equity Loan

Fixed Home Equity loan at UTF

Fixed Payment . . . Fixed Term

5 & 7 year terms available

Rates as low as 6.25% APR*

Unleash the power of your home!

Apply Online


Call 866-462-5532


Home Equity Calculator

Home Equity Calculator



  What is the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?

Both have relatively low rates and similar requirements needed for approval, however home equity loans have fixed rates, while HELOCs have a variable rate that is tied to the prime rate.

Home equity loans are best when you know about how much you want to borrow and would prefer a fixed interest rate and a fixed monthly payment.

HELOC’s are best when you want to be prepared for unexpected expenses or if you do not know how much you will need to borrow.


  What are the requirements needed for a Home Equity Loan and HELOC?

If you own your own home, have enough equity in that home, have decent credit history and have enough income to satisfy the monthly payments, then you will likely meet the requirements for a home equity loan or line of credit.


  What alternatives are there to a Home Equity Loan or HELOC?

If you don’t own a home or if you do not have enough equity in your home, you still may be able to borrow funds with another one of our other loan products such as a personal loan or a credit card.


  What are the benefits of a Home Equity Loan or HELOC?

Typically your interest rate will be much lower than your alternatives, such as credit cards or unsecured loans.

The interest you pay is usually tax deductible, which can result in lowering your tax obligation. Consult your tax advisor as to the deductibility of your interest.


  How do I figure out how much I can borrow?

If the terms of the home equity loan have a maximum Loan To Value (LTV) of 85%, then you can borrow up to 85% of the value of your home inclusive of any other mortgages you already have on the property.

For example: If your home is worth $100,000 and you currently have a mortgage of $50,000. Then your current LTV is 50%. That means you can borrow up to another 30% (50%+30% = 80%) of the value of your home, which would be $30,000.

Our Home Equity Loans & Lines both have a max borrowing amount of $250,000.


  Other than interest charges, are there other costs associated with a Home Equity Loan or HELOC?

Home equity loans sometimes include closing costs. These closing costs typically vary between $0 and $1,000. Closing costs can often be rolled into the loan itself so you can pay them off over time. Please speak with a Lending Officer to determine how much a home equity loan or line of credit would cost you.


  How do I decide between a  5-year, 7-year, and 10-year term?

The different term lengths will affect the size of your monthly payment obligation. The longer the term, the lower your monthly payment obligation will be. You’ll want to make sure that you are going to be comfortable making the required payment each month before committing to a certain term.

The interest rates are usually more favorable, the shorter your term is, so if you can handle a larger monthly payment; the shorter term will likely save you in interest expense.


  Can I pay off my home equity loan or line of credit early?

Yes, our home equity loans and lines of credit have no pre-payment penalty, so you are free to pay it off partially or in full at any time, which will save you money in interest expense.


Loan Protection

* We’d Like You To Know: APR=Annual Percentage Rate. APR is variable based on the Wall Street Journal Prime Rate plus 0.00% to 0.75%, depending on credit worthiness, and is not to exceed 16%. Prime Rate as of 8/1/2019 is 5.25%. HELOC may not exceed 85% Combined-Loan-To-Value (CLTV). Stated rate is based on credit-worthiness, and includes discount for United Rewards Checking. No prepayment penalties. Documentation and filing fees from $431 up to $596 may apply. Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Rates and terms are subject to change without notice.

* Different Interest rates apply to home equity lines of credit with over a 80% CLTV