Remodeling - A fixed-rate loan can be the perfect solution when remodeling a home.Whether it's a home renovation project or a large unexpected expense, it's wise to examine both variable-rate and fixed-rate options to make the right decision for your needs. There are times when converting a variable HELOC to a fixed-rate is the best choice. If you don't already have a HELOC, you can apply online, over the phone at 844-BECULOAN ( 84), or at a neighborhood location. Rates – Rates vary and are typically slightly higher than variable-rate HELOCs, but unlike a variable-rate HELOC, once locked in the rate does not fluctuate due to market conditions.Ī fixed-rate advance is only applicable after your HELOC has been opened.You can choose between 1-15 years, and there is no difference in rate for longer terms. Term– You decide what length of loan (term) you would like.

In general, the terms are spelled out in your loan opening documents.

Fees – There are no fees to open a Fixed-Rate Advance.

If you prefer the predictability of knowing what your payment will be from month to month and having the comfort of a fixed-rate in a rising interest rate environment, a fixed-rate advance could be the perfect solution for you. A fixed-rate advance HELOC gives you flexibility, allowing you to lock in the interest rate throughout the life of the loan. These are a subset of your primary HELOC and can be paid off at any time which then opens back up the funds on your line. The fixed-rate HELOC advance option allows you to lock in a portion of your balance at a fixed-rate.

What is a HELOC with a Fixed-Rate Advance?

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