With Pearl Hawaii’s fixed rate HELOC, get your equity to work. Renovate your home, take a vacation, pay for education, consolidate high-interest debt, cover an emergency, or take care of medical and health care expenses.
A Home Equity Line of Credit (HELOC) functions as a revolving line of credit secured by your home’s equity. Typically, a HELOC has a variable interest rate, which means the interest you pay can fluctuate with market conditions. A fixed-rate HELOC works a little differently. Because it is a fixed interest rate, your loan is shielded from interest rate hikes.
WHAT CAN I USE A FIXED RATE HELOC FOR?
CONSOLIDATE
Unlike a debt consolidation loan, a fixed-rate HELOC doesn’t limit you to just one withdrawal. You can even take out a fixed-rate advance on the entire HELOC amount, and with the fixed interest rate, you’ll know exactly what your payments will be so you can plan for them.
RENOVATE
A fixed-rate HELOC can be the perfect answer when you start your next remodeling project. Throughout construction, the interest rates on a variable-rate HELOC could fluctuate, landing you at a higher rate while the renovation is in progress. When it comes to home renovations, converting part of your HELOC to a fixed rate can help your budget.
EDUCATE
If you have to pay for your or your child’s education, a fixed-rate HELOC can help you pay for the added expense. While using the equity of your home, you can pay down the amount in affordable payments, making it more budget-friendly.
CELEBRATE
If you have been saving for a large expense like a dream vacation, move, family celebration, or a new car, a fixed-rate HELOC can help cover the costs. Oftentimes, a fixed-rate HELOC tends to be lower than other loan rates, saving you money in the long run.
UNEXPECTED EMERGENCIES
Disaster often strikes without warning, and when it happens to your health, the expensive medical bills you’re left with could necessitate a loan. An unsecured emergency loan is one option, but a fixed-rate HELOC may be cheaper and easier to pay off.
GET STARTED
Overall, a fixed-rate HELOC is considered a hybrid of a Home Equity loan and a traditional Home Equity Line of Credit (HELOC). It allows you to lock in at a fixed interest rate and that rate is the same during the draw period.
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