Hi, I’m looking for advice on how to get a better rate for a HELOC loan with a fixed rate option. Any tips?
Best option might be to wait until interest rates drop.
HELOCs typically have variable rates. If you’re looking for a fixed rate, consider a Home Equity Loan instead.
Some HELOCs offer a fixed-rate option on a portion of the balance, though it may have a higher rate. Another choice is a second mortgage with a fixed installment.
You can generally get either a lower rate or lower fees with a HELOC, but usually not both.
Look into HELOCs with partitioning. You can take out the funds and later fix the rate on a portion of the balance.
Not directly related, but do you know how soon you can get a HELOC or cash-out refinance after closing? Here are the details:
- Purchase price: $310k
- Loan balance: $300k
- Market value: $365k
- Closing date: June 2024
@Wes
Most HELOCs go up to 80% LTV, though some allow 90%. Based on your figures, you might need to wait until you have more equity.