Can I convert a portion of my home equity line of credit to a fixed-rate loan?
We understand that different homeowners have different lending needs, so we designed our home equity product to be as flexible as possible. Some of that flexibility includes the option to convert, either a portion of your line or the entire credit limit to a fixed-rate loan.
Here are some things to keep in mind when converting your home equity to a fixed-rate loan:
- Your home equity must be in the draw period in order to convert a portion or all of your home equity line of credit to a fixed rate.
- The minimum amount that you can fix is $20,000. You can convert as much as you want up to the total credit limit of your home equity line.
- You can fix the amount for up to 20 years or the maturity date of your home equity line, whichever comes first.
- Fixed-rate loans are not interest-only payments. The monthly payment will include principal and interest.
- You can only convert the outstanding balance. For example, if you are looking to convert $50,000 of your line to a fixed rate, the outstanding balance of your line must be $50,000 or more.