Today's interest rates are unpredictable. Each time the Prime rate changes, your monthly home equity line of credit payment changes too, making it harder for you to control your overall finances.
The Chase Fixed-Rate Lock Option gives you the control you need. By "locking" a rate for all or a portion of your balance, you can take advantage of flexible terms and possibly lower your monthly payment.
Apply for the Chase Fixed-Rate Lock Option and get more:
Flexibility:Replenish and use your available funds as you pay down your principal balance.
Peace of mind:Protect yourself from rising expenses.
Savings:Forget fees. We won't charge you for setting up the lock or paying it off early.
Control:Have as many as five locks on your account at any time.
Currently the minimum term is 12 months and the balance minimum is $1,000 & cannot be more than principal revolving balance (including any pending advances taken that day). Term must be greater than 12 months & cannot exceed the lesser of 30 years or the HELOC maturity date.
1 Interest-only payments will vary each month based on balance and the number of days in the statement cycle. The payment amount each cycle will include Lock payment(s) as well as revolving monthly payment. During the interest-only lock period principal is not reduced. Always consider paying more than the minimum payment to pay down the principal and reduce higher payments at the end of the lock period.
Your first payment after establishing the Lock will be larger than normal because it includes not only the Lock payment, but also the interest that accrued on the line balance before it was moved to the Lock.
If you decide to unlock or cancel this amount after Chase processes the Lock, Chase assesses a fee for unlocking or canceling. At this time, the fee is 1% of the original Lock amount up to $250.
