Home equity

[jchief]

Is a home equity line of credit better or a fixed loan?

[simplepeddler]

I would say no right now.
with the impending downgrade, you will see rates go up.

HELOC's are not locked in as I understand them.
I would go for a fixed rate NOW before the rates jump.

I just did it.

[jchief]

It is not locked in. It is 2 points above prime.

[Armand16]

Our HELOCS have a lock option. Interest rates are typically lower too bc of the equity being used as collateral.