You open a $100,000 Home Equity Line of Credit with Bethpage.
You want to use $40,000 to start a kitchen renovation.
Using the Fixed-Rate Loan Option in your HELOC, you can lock that $40,000 in at a fixed rate for a fixed term, making your monthly payments stable and predictable.
The remaining $60,000 is still available for use with other expenses.
You might then decide to consolidate other bills, totaling $10,000. You can select a second Fixed-Rate Loan Option, locking in another fixed rate for another fixed term.
As you begin to pay back the principal on the $50,000 in your Fixed-Rate Loans, the amount available from your original $100,000 HELOC begins to grow again – there for you to use.