Fixed-Rate HELOC
At least one HELOC we offer lets you choose a fixed or a variable rate. The full line is drawn at closing, and any additional draw carries the same rate type as the first.
How rate type works on our HELOCs
Each item below is a rule of at least one HELOC we offer.
- At least one program offers the first draw at either a fixed rate or a variable rate.
- If the first draw is fixed, additional draws are fixed rate; if it is variable, additional draws are variable.
- The fixed rate adds no extra score requirement; the variable rate needs a score of 640 or higher.
- That program draws the full credit limit at closing, so an additional draw needs available credit on the line.
- Additional draws there must be at least $500 ($4,000 in Texas, or more where state law requires) and must occur within the draw period.
- Another program we offer is a variable-rate line with no prepayment penalty.
Fixed or variable at the start
Later draws keep the type
Full line drawn at closing
No score add-on for fixed
Fixed below a 640 score
Larger lines with a 760 score
Can A HELOC Have A Fixed Rate?
Yes, at least one HELOC we offer. You choose fixed or variable for the first draw, and any later draws follow the same rate type.
At least one HELOC we offer gives you a choice of rate type. The amount funded at closing and any additional draws carry either a fixed or a variable rate. The choice is made at the start: a fixed first draw means fixed additional draws, and a variable first draw means variable additional draws.
That program approves a credit limit and draws all of it at closing. Because of that, an additional draw needs available credit on the line, must be at least $500 ($4,000 in Texas, or more where state law requires) and must occur within the draw period. The variable option needs a credit score of 640 or higher, while the fixed option adds no score requirement of its own.
Rate options differ by program. Another program we offer is a variable-rate line, and it charges no prepayment penalty. See our heloc with no prepayment penalty page for more on paying a line off early.
Why choose Saxton for a fixed-rate HELOC
This page is for homeowners who want to know whether a HELOC can carry a fixed rate and how that choice affects later draws.
Pick Your Rate Type
At least one program lets you take the first draw at a fixed rate or a variable rate.
Later Draws Keep The Type
If you take an additional draw, it follows the rate type of the first draw: fixed with fixed, variable with variable.
Fixed Needs No Extra Score
The fixed option carries no score overlay. The variable option needs a 640 score or higher.
The Full Line Funds At Closing
The program with the fixed option draws your full credit limit at closing, so the rate type you pick covers the whole line from the start.
Rentals And Second Homes
The fixed-option program accepts second homes and rentals from a 680 score, but not in Texas or New York or for lines over $400,000.
A Variable Line Is Available
Another program offers a variable-rate line with no prepayment penalty.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about fixed-rate HELOCs.
Yes. At least one HELOC we offer lets you take the first draw at a fixed rate, and any additional draw on that line is fixed rate too.
No. At that program, a later draw keeps the fixed rate type, but the guidelines do not promise it the same rate as your first draw. Ask us before you plan around a later draw.
At the program that offers both rate types, a variable rate needs a 640 score or higher. The fixed rate has no extra score requirement on top of the program minimum.
At least one program accepts scores from 600 to 639 for an owner-occupied home in second lien position, up to $125,000. Because its variable rate needs 640, those lines would carry the fixed rate.
No. One program offers both fixed and variable. The other program’s guidelines describe a variable-rate line, with no fixed option listed.
Yes, at the program with the fixed option, from a 680 score. Second homes and rentals are not eligible there in Texas or New York, or for lines over $400,000, and larger amounts need higher scores.
At the program with the fixed option, lines start at $15,000 ($35,000 in Texas) and reach $750,000 for an owner-occupied home with a 760 score. Lines over $400,000 need that 760 score, a home that is not 2 to 4 units and no more than one existing lien.
Find out what you qualify for
Tell us whether you want a fixed or variable rate, and we will show you the HELOC options that fit.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.