Beat Rising HELOC Interest Rates
Lock In A Fixed Rate
Worried about your home equity line of credit (HELOC) payments getting more expensive with rising interest rates? Don’t be—just convert all or part of your balance into a fixed-rate loan4!
Get predictable payments
Choose how much of your balance you want to lock in, select a term (5, 10 or 15 years) and pay it off with even, easy monthly payments.
Avoid interest surges
Whatever amount you lock in will stay at your fixed rate, no matter how much variable rates move.
Helpful Tip
You can lock in your rate up to five times during your draw period. Plus, as you pay down your balance, your funds become available again through your variable-rate HELOC.
Current Rates
5 Year Fixed Rate Loan1
10 Year Fixed Rate Loan2
15 Year Fixed Rate Loan3
How It Works
Here’s an example: say you have a HELOC with a balance of $7,000 and a current variable rate of 8.00% APR. Because of continued rate increases, you want the security of a fixed-rate loan. You can lock all or part of it (minimum of $5,000) into a fixed-rate home equity loan.
You choose to lock $6,000 of that balance into a 5-year fixed-rate home equity loan with a rate of 6.49% APR5. To pay off that balance in exactly 5 years, you’ll pay $117 per month. The interest rate and your payments will stay the same for your entire term.
The $1,000 of your balance that you didn’t convert will still be subject to changes in your variable rate, and so will any other advances you make on your HELOC.
Frequently Asked Questions
Get in Touch
Want to know more about using your home equity? Get in touch with our local experts and get the answers and advice you need.
Phone Number
(800) 533-6773(Option 1)
ITIN Lending - UWCU is proud to accept ITIN for HELOC applications.