A Fixed Rate home equity line of credit offers an open line of credit at a fixed rate. Unlike a Flex HELOC, you do not have to draw funds to have a fixed rate. You can borrow the money you need at the same rate throughout the draw period. Features of a Fixed Rate HELOC include:

• 90% maximum-loan-to-value
• $10,000 minimum required credit limit
• 15-year term
  
• Up to 10-year draw period
• Variable rate after draw period

A Variable Rate home equity line of credit has no locked rate. Your rate will increase or decrease over time based on market fluctuations. Features of a traditional Variable Rate HELOC include:

• 90% maximum-loan-to-value
• $10,000 minimum required credit limit
• 15-year term
  
• Up to 10-year draw period
• Variable rate