Pnc Fixed Rate Home Equity Loans

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Pnc Fixed Rate Home Equity Loans

Pnc Fixed Rate Home Equity Loans

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Pnc Fixed Rate Home Equity Loans

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You may be familiar with how a home equity line of credit (HELOC) works; it works as a revolving line of credit secured by your home equity. However, a fixed rate HELOC works differently.

A typical HELOC has a variable interest rate, meaning the interest you pay on the balance you owe can rise and fall depending on market conditions. Here’s where a fixed rate HELOC is different: It has a fixed interest rate that protects you from interest rate hikes, similar to what consumers are facing due to the current state of the economy.

A fixed rate HELOC is considered a hybrid of a home equity loan and a HELOC. It allows you to lock in part or all of your balance at a fixed interest rate, protecting you from market fluctuations that affect rates.

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With a fixed rate HELOC, you can draw as much or as little as you need from your line of credit. Unlike a variable rate HELOC, the interest rate on whatever amount you use will be the same interest rate for the entire draw period.

Borrowers can usually convert their HELOCs to a fixed rate at closing or during the draw period, says Laura Sterling, president of marketing for Georgia’s Own Credit Union. “Some lenders may even allow the borrower to switch to a variable rate.”

The ability to switch between variable and fixed rates allows lenders to take advantage of lower interest rates when available. At the same time, locking in a fixed interest rate can provide the stability of predictable monthly payments.

Pnc Fixed Rate Home Equity Loans

The fixed-rate portion of the HELOC can be locked in for periods of five to 30 years, during which time the loan is repaid like a typical mortgage, says Vikram Gupta, executive vice president and head of home equity at PNC Bank.

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Since most traditional HELOCs have interest rates that can change daily, they can create some uncertainty when planning your monthly budget.

The fixed interest HELOC payment cannot be changed. However, fixed-rate HELOCs typically have higher initial interest rates than traditional HELOCs, Sterling says. Market factors must also be considered.

Fixed-rate HELOCs may also have higher fees than traditional HELOCs. Plus, they may have loan limits that you won’t have with a variable rate HELOC.

With inflation, a fixed-rate HELOC can be a smart move for your loan. If the market changes, you are still protected by the locked-in rate on the loan.

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“Inflation is a key variable that determines the interest rate environment,” says Gupta. “Inflation usually increases when the economy begins to overheat and prices begin to rise rapidly.”

Case in point: The Federal Reserve recently announced plans to raise interest rates by 0.75 percentage points in an effort to combat rising inflation. Because of this, consumers are being impacted by high borrowing costs, which may make a fixed-rate HELOC a smarter choice given the current state of the economy.

A fixed rate option is also particularly beneficial when your loan is intended for home improvements or other ongoing projects. With a fixed rate loan, there’s no rush to start building before the interest rate rises.

Pnc Fixed Rate Home Equity Loans

“Offering a fixed rate lock in a HELOC can often make sense when a customer has a planned expense that needs to be financed, such as a home improvement project,” says Gupta. “In this scenario, the customer will have complete certainty about the cost of their financing.”

Home Equity Loans & Lines Of Credit (heloc)

A HELOC is not for everyone. A fixed-rate HELOC can mean you’re stuck with a higher interest rate than you could get for part of the life of a variable-rate HELOC. Interest rates on variable rate HELOCs can change as often as monthly; so you have the option of getting lower or higher rates each month.

Your lender may also require you to use a minimum amount on your HELOC, which may not work well for you if you’re trying to stay within a certain budget.

There may also be hidden fees, such as prepayment and early closing penalties or refinancing. Be sure to review your HELOC terms to make sure they work for you, as penalties and fees can add up quickly.

“Lenders want to look at annual fees and rate locks,” says Sterling. “Some lenders limit the number of fixed-rate locks a borrower can make each year and may charge a fee for each rate lock. Borrowers should also be aware of minimum withdrawal amounts.”

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If you’ve taken out a variable-rate HELOC and want to convert it to a fixed-rate one, there are several ways to do this.

You may be able to convert your HELOC from a variable interest rate to a fixed rate for the following situations.

A fixed rate loan can be the perfect solution when remodeling a home. During construction, variable rate HELOC interest rates can change, landing you at a higher rate while renovations are underway. When it comes to home renovations, converting a portion of your HELOC into a fixed rate can help you budget more reliably.

Pnc Fixed Rate Home Equity Loans

Disasters often strike without warning, and when it happens to your health, the expensive medical bills you’re left with can call for a loan. An unsecured emergency loan is an option, but a fixed-rate HELOC may be cheaper and easier to pay off.

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