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Lock In a Fixed Rate on Your Home Equity Line of Credit
Whether you want to put in a new kitchen, build an outdoor retreat to help you relax, or turn your basement into the perfect family entertainment center, lock in a low fixed rate on your variable rate Home Equity Line of Credit to protect against rising variable rates.
SECU’s fixed rate option can be used for a portion or all of your existing Home Equity Line of Credit. You can have up to three fixed rate accounts open at the same time. The minimum draw is $5,000 with a term up to 15 years.
Here’s How It Works
Tasha and James have a $60,000 SECU Variable Rate Home Equity Line of Credit.
- They use $10,000 of their Home Equity Line of Credit for a new fence, locking in a fixed rate and term. They still have $50,000 available for other projects.
- They then decide to renovate their bathroom, which will cost $20,000. They lock in another fixed rate and term for the $20,000 they pull from their Home Equity Line of Credit.
- They still have $30,000 in their variable line of credit for other projects, and could take out a third amount at a fixed rate for an additional project.
As Tasha and James pay back their two fixed rate draws on their Home Equity Line of Credit, the funds are added back to their line for future use.
Don’t have a SECU Home Equity Line of Credit? Learn more including how to apply here. Or apply below.
*Rates will be based on credit tier and CLTV at time of original loan. Total of all accounts may not exceed the amount of the Line. Borrower may open up to 3 sub accounts at one time.