Real Estate and Home Mortgages - Fixed rate HELOC?
Doityourself.com community forum was created to provide answers to all questions related to home improvement and home repair. Doityourself community can help you find information about how-to topics on small fixes to large remodeling projects. With comprehensive how-to content and expertly moderated community forums DoItYourself.com makes it easy to tackle even the most complex home improvement projects.View Full Version : Fixed rate HELOC?
partenr
08-09-07, 11:32 PM
Simple quesion (I think :) ) Are HELOC's always a variable intereste rate?
Family Guy
08-10-07, 08:27 AM
There may be, but usually when I hear of a fixed rate it's a typical equity loan, not a line of credit.
If an equity loan would work for you, it makes more sense. You know the rate, you know how much interest you'll pay, you know when it will be paid off.
HELOC's are more or less credit cards with an expiration date years down the road, secured by your house. Shop around and you may find what you want though, there are a lot of different offerings in HELOC's, some lender are very competitive. Start with your local banks.
If an equity loan would work for you, it makes more sense. You know the rate, you know how much interest you'll pay, you know when it will be paid off.
HELOC's are more or less credit cards with an expiration date years down the road, secured by your house. Shop around and you may find what you want though, there are a lot of different offerings in HELOC's, some lender are very competitive. Start with your local banks.