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I have a HELOC and kept it in place when I refinanced recently. I did mine through PNC a few years ago. I got a good program where I think my rate is .74% below prime where my current interest rate is 2.49%. It's adjustable so with the next Fed rate increase, that'll change that number. There is a 10 year draw period after which it converts over to a fixed mortgage where you can't draw from it anymore. I don't recall what the rate will convert over as because I never intended to keep a balance out that long. There is also an option for me to convert any part of the balance above $5k into a fixed rate while still maintaining the rest of the credit line available. There is no prepayment penalty.
One of the advantages of using a HELOC for home improvements is that the interest rate can be tax deductible.
I also kept mine in place to have another source of funds in an emergency.
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Originally Posted by Lups
We might not be in an agreement on Trump, but I'll be the first penis chaser here to say I'll rather take it up in the ass than to argue with you on this.
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