Home Equity Credit Line

There’s comfort in knowing you can handle unanticipated expenses or financial emergencies because you’ve got a home equity line of credit behind you.

Home Equity Line of Credit Features and Benefits

A Zions Bank® Home Equity Line of Credit[cite::35::cite] may save you money when you buy a car, pay for education, or do home improvements. Once established, your revolving line of credit is there for you when you need it. Simply transfer money online to your Zions Bank deposit account or write a check. You’ve worked for your home. Now let a Zions Bank home equity line of credit loan work for you.

LockSelect Your Home Equity Line of Credit Loan

Did you know you can lock in some or all of your home equity line of credit loan at a fixed interest rate? The LockSelect Structured Repayment Option[cite::36::cite] lets you lock in a portion, or all, of your home equity line of credit at a fixed interest rate. You select the term, lock in the rate, and get peace of mind knowing that your interest rate and monthly payment will never go up.

Lower Rates on Your Home Equity Line of Credit Loan

Because your home equity line of credit is secured by your home, the interest rate is usually lower than with other types of loans. That can help you save money, especially if you use the loan to consolidate debts with higher interest rates. Zions Bank also provides Home Refinance and Home Equity Loans. Consult with your tax advisor about the tax deductibility of interest payments on your home equity credit line.

Quick and Easy Revolving Line of Credit

Our loan decisions are made locally in Utah and Idaho so you can enjoy a faster turn-around time on approvals. This means you can get your home equity line of credit sooner.

Home Equity Credit Line (HECL) - Principal and Interest

Now there are more options  if you want a Home Equity Credit Line. We have a new "Principal and Interest" payment enhancement to the HECL product to provide you with the additional choice of having a principal and interest repayment option during the draw period.

The principal and interest repayment option offers most of the benefits of our HECL, but also allows an additional 5% LTV and goes up to 85% LTV.

Because payments are made up of both principal and interest during the draw period, you can expect your monthly payments to be consistent throughout both the draw and repayment periods, and pay less interest over the life of the loan.

Repayment Option Comparison Table

So what's the difference between our Home Equity Credit Line and the Home Equity Credit Line Principal and Interest? See our handy table below.

Interest Only HECL
  • Lower monthly payments during the draw period.
  • Required payment is interest only for the first 10 years of the loan.
  • 20-year amortization/repayment period. 
  • Max LTV is 80%
Principal and Interest HECL
  • Interest savings over the life of the loan.
  • Required payment consists of both principal and interest for the first 10 years. 
  • The minimum payment is calculated as follows: .30% of principal balance + accrued interested.
  • 20-year amortization/repayment period. 
  • Max LTV is 85%. Additional 5% above max LTV thresholds. 
Need More Assistance?

Did you find all the information you needed about our home equity line of credit loans? If you have more questions, contact Zions Bank at 800-727-8893 for help.