Convert some or all of the balance on your variable-rate HELOC to a Fixed-Rate Loan Option. Your fixed rate won't change for the selected term, which means you're protected from the possibility of rising interest rates.

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With a Fixed-Rate Loan Option, you have:

  • The ability to lock in a rate with no additional out-of-pocket expenses
  • Convenient 5-year, 10-year, and 20-year repayment terms
  • Predictable monthly payments
  • Protection from rising interest rates
  • As many as three (3) Fixed-Rate Loan Option balances at one time
  • The ability to draw a minimum of $10,000 for each Fixed-Rate Loan
  • Funds that are always readily available

Here is an example of how a Fixed-Rate Loan Option works within your
Home Equity Line of Credit:

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.

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Whether you use it at closing or some time down the road, the Fixed-Rate Loan Option adds flexibility to your Bethpage Home Equity Line of Credit.