This Home Equity Line of Credit (HELOC) is a variable rate home equity line of credit that lets the member choose when to lock-in a portion of the line of credit from a variable rate into a fixed rate at a term that they choose. If the variable rate of the line of credit increases or decreases, the rate on any locked segments stays the same.
The member can keep all of the funds set to a variable rate or choose to lock-in a segment at a fixed rate at any time.
Fees
- $50 Annual Fee
- $100 fee to ‘un-lock’ your segment
Benefits
- Saves you money with the capability to lock-in a low rate for a portion of your loan!
- Saves you money with no closing costs!
- Saves you time with only having one monthly payment no matter the number of segments.
- Gives you peace-of-mind with the ability to choose your own terms.
Features
- Lock up to 5 segments
- 12-month introductory rate; risk-based priced
- No intro rate if you have already had an intro rate in the last 3 years; exception is if the HELOC is on a new property
- To qualify for the intro rate, you must have an automatic payment set up to the HELOC from a Centris account
- Risk-based pricing
- 10-year draw period and 20-year repayment period
- When locking a segment, it can be your choice of a 5-, 10-, 15- or 20-year repayment period
- No fee to ‘lock’ in a portion
- Variable rate for the line of credit portion and a fixed-rate for each segmented ‘lock’ portion
- The payments for the variable rate HELOC portion will be an interest only payment during the draw period
- The payments for any segmented or ‘locked’ portion will be a principal and interest payment