Utah Home Equity Loans

Utah Home Equity Loan: The First Step Towards Financial Freedom

If you are a state resident, a Utah home equity loan can help you get out of debt and pay off your mortgage in half to a third of the time. Do you want to own your home free and clear? Do you want to be free from high-interest credit card debt and other liabilities? The path to financial freedom begins with a single application for a Utah home equity loan.

Utah Home Equity Loan Basics
A Utah home equity loan is a line of credit given to homeowners currently living in Utah. Utah home equity loans use the applicant’s house as collateral, which means that borrowers can usually receive a high credit limit with a low interest rate. Once you’re approved for a Utah home equity loan, you can borrow funds “on demand.” Like a credit card, you only pay interest when you choose to withdraw funds. You can borrow against your Utah home equity loan by writing checks or using a special credit card given to you by the lender.

Most Utah home equity loans allow borrowers to access money during a “draw period” between ten and fifteen years. Whenever you take out money, you will pay a minimum monthly payment. At the end of the loan term, you may renew your loan or you may pay back any remaining money that you owe.

Utah home equity loans are vastly superior to credit cards and other private loans available to the average consumer. While many credit cards have interest rates of 17% or higher, Utah home equity loans offer extremely low rates. Borrowers often receive these loans at ½ the prime credit card rate or less. Additionally, some federal and state laws allow homeowners to deduct the cost of home loan interest from their taxes.

Qualifying for a Utah Home Equity Loan
Applying for a Utah home equity loan is simple. You provide some basic financial information and the lender will do the rest.

Your credit limit will be determined by subtracting the balance you owe on your first mortgage by a percentage of the appraised value of your home (often around 80%). For example: if you owe $150,000 on your home and it is currently worth $300,000, you may qualify for a Utah home equity loan of $120,000.

Using a Utah Home Equity Loan to Get Out of Debt
Taking out a Utah home equity loan is one of the easiest ways to get out of debt. You can use your low-interest loan to consolidate all of your high-interest credit cards. Instead of dealing with multiple credit card bills, you’ll make only one payment a month. Because you’ll be saving on interest, you’ll have extra money to put towards your debt each month. Not only will your Utah home equity loan help you get out of debt faster, it will also save you a lot of money.

Using a Utah Home Equity Loan to Pay Off Your Mortgage Early
Savvy homeowners have found that taking out a Utah home equity loan is the key to paying off a mortgage early. Sydney Financial’s unique, proven program can help you use your Utah home equity loan to pay off your original mortgage in half to a third of the time – all without raising your minimum monthly mortgage payment.

After taking out your Utah home equity loan, we’ll show you how to convert it into a “mortgage checking account,” a specialized account that can act as both a checking and savings account. Then, we’ll leverage your incoming money to pay down your mortgage. For the first few years of homeownership, your monthly mortgage payment is almost entirely interest. By paying down the mortgage early, you’ll keep interest from accruing so quickly. Over the next 10 to 15 years, you could save tens of thousands of dollars. Your Utah home equity loan will always be available for unexpected expenses, so you’ll never need to worry about being without cash reserves.

Learning More About Utah Home Equity Loans
A low-interest Utah home equity loan can help you eliminate debt and pay off your mortgage early. Take the first step towards financial freedom today.

To learn more, let one of our Utah home equity loan experts contact you.