 Home Equity Loans & LOC>smartlock Rate
Love the flexibility of a Home Equity Line of Credit, but would like the security of a fixed-rate loan? Well, now there’s Sterling’s smartLock1.
- Lets you lock in the interest rate on all or a portion of your Home Equity Line of Credit balance.
- Amount then becomes a fixed-rate, fixed-payment loan.
- As you pay down the principal, the amount becomes available to use again and again. It’s the best of loans and lines combined.
1Subject to credit approval. You may convert all or a portion of your Home Equity Line of Credit to a fixed rate and fixed payment option. The first lock is at no additional charge. There will be a $75.00 lock fee for each additional lock. Minimum amount to convert is $5000. You can request a maximum of one (1) Fixed Rate Option in a calendar year and may have up to 3 fixed rate options in place at a time. Please refer to your loan agreement for full terms on the fixed rate option.
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