What is a HELOC Fixed Rate Option?
Unlike a typical Home Equity Line of Credit or a Home Equity Loan, this special option gives you the ability to convert an existing HELOC balance to a fixed-rate and fixed payment. As an added benefit, as you pay down the principal balance of the loan, the funds become available again to borrow in your line of credit!
*APR=Annual Percentage Rate. Minimum loan amount is $20,000 and maximum interest rate is 18%. Your qualification is subject to creditworthiness and value of collateral to support this loan. Promotional offers may be changed at any time. Fees to acquire a HELOC typically range from $500-$750. Nymeo will cover closing costs up to $1,500. Introductory APR of 1.99% is fixed for 12 months on the initial draw of no less than $20,000. Balances remaining after the introductory period from the initial draw will be charged a variable APR as low as 3.50% and as high as 18%. Initial draw amount must be taken at time of funding. Payments on draw amount will be calculated on a 15-year amortization. Nymeo membership is required. Equal Housing Lender. Federally insured by NCUA.