A variable-rate, revolving line of credit you can draw on for a period of time, typically between 5 and 15 years. Tap what you need, when you need it, and accrue interest only on what you use.
Part HELOC, part fixed rate loan, this option lets you pick a time during the HELOC’s draw period to convert all or a portion of your balance to a fixed-rate loan with predictable monthly payments.
Features | HELOC | HELOC Conversion Loan |
---|---|---|
Ideal for | Flexibly tapping your home’s equity over time, like ongoing home improvements or tuition payments. | Financing a large project or one-time expense, like a remodel or debt consolidation. |
Type of interest rate | Variable | Fixed |
How it works | A 5- to 15-year draw period followed by a repayment period of up to 15 years. Interest owed is based on what you use. Access what you need when needed with a Home Equity Visa® card, deposit funds into your SELCO account, or request a cashier’s check. | Convert all or part of your HELOC balance (minimum $5,000) to a fixed term loan with consistent monthly payments. |
The SELCO difference | No application or origination fee. Closing costs (except appraisal and title insurance, if needed) are paid by SELCO. | No application or origination fee. $25 conversion loan fee is waived if conversion is made at the time the line of credit is funded. |
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Account Type | Ideal for | Type of interest rate | How it works | The SELCO difference |
---|---|---|---|---|
HELOC | Flexibly tapping your home’s equity over time, like ongoing home improvements or tuition payments. | Variable | A 5- to 15-year draw period followed by a repayment period of up to 15 years. Interest owed is based on what you use. Access what you need when needed with a Home Equity Visa® card, deposit funds into your SELCO account, or request a cashier’s check. | No application or origination fee. Closing costs (except appraisal and title insurance, if needed) are paid by SELCO. |
HELOC Conversion Loan | Financing a large project or one-time expense, like a remodel or debt consolidation. | Fixed | Convert all or part of your HELOC balance (minimum $5,000) to a fixed term loan with consistent monthly payments. | No application or origination fee. $25 conversion loan fee is waived if conversion is made at the time the line of credit is funded. |
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