Does Chase offer a fixed rate on a line of credit?
Most home equity lines of credit do not generally have fixed interest rates. Chase offers an option, however, that allows you to lock in a fixed interest rate on all or a portion of your line. The Chase Fixed-Rate LockSM Option is like having an installment loan within a line of credit. You have the option of locking an advance at a fixed rate for the remainder of the life of the line. Rate locks can be placed on a fixed draw amount any time during the draw period. You may lock all or part of your line balance at a fixed interest rate, payment and term. You can have up to five (5) locks at a time. For convenience, you can designate unique names for each. For instance, “Jamie’s Tuition.” As the locked balance is paid down, the available line amount is increased proportionately and again available for use. Locks can be initiated at closing or at any time during your draw period. Ask your Loan Officer about this option when you apply with Chase. Note: The lock option is determined by the
Most home equity lines of credit do not generally have fixed interest rates. Chase offers an option, however, that allows you to lock in a fixed interest rate on all or a portion of your line. The Chase Fixed-Rate LockSM Option is like having an installment loan within a line of credit. You have the option of locking an advance at a fixed rateOnMouseOver Content: Chase Fixed-Rate Lock Option. Our convenient fixed rate lock option allows you to switch from a variable rate to a low, fixed rate on all or a portion of your balance. You may choose to lock a competitive, fixed rate that will stay low. With the flexibility of a line or credit, you are permitted to withdraw your money as you wish. Your credit is revolving, which means that, as you repay the money youve used, those funds become available for you to use again. for the remainder of the life of the line. Rate locks can be placed on a fixed draw amount any time during the draw period. You may lock all or part of your line balance a
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- Does Chase offer a fixed rate on a line of credit?
