What’s a fixed-rate option for a HELOC?

Once you close on a HELOC, you have the option to lock in a fixed interest rate for up to 20 years on some or all of the money you borrow. That way, if interest rates rise in the future, your fixed-rate option(s) won’t.

You can do this at any time during your draw period – that’s the time between opening the HELOC up until your repayment begins.

You can have up to three active locks on your HELOC at one time.

Each fixed-rate lock option must be a minimum of $2,000.

You can unlock or re-lock a fixed rate for some or all of your balance without fees during your draw period.

As you pay down your locked balances, your available line of credit amount increases, and you can continue to use it during your draw period.

Your monthly payments for any fixed-rate lock options will include both principal and interest.

An example of a HELOC with fixed-rate options

  1. Open a $100,000 HELOC.
  2. To consolidate your debt, you draw $35,000 and you’re able to lock in a 8.95% APR.
  3. Next, you choose to remodel a room. Since you aren’t sure how much money you’ll need for the total project, you can’t lock in a rate. You end up drawing $25,000 over time at a variable (or unlocked) rate.
  4. To finish the room, you need new appliances. Since you know the total will be $15,000, you draw that much from your HELOC and lock in a 7.63% APR.
  5. You have now utilized $75,000 from your HELOC and have $25,000 available.

All rates shown are for example only.

Don’t have a HELOC yet? Start your application.

The process for getting a HELOC is simple. You’ll need to complete a basic application, submit any requested documentation and, if approved, close at a branch.

Learn more Apply now

Ready to lock in a rate on your existing HELOC?

View our step-by-step guide to lock a fixed rate.

Our U.S. Bank self-service tool makes it even easier to manage your HELOC and lock or unlock rates on your own. Check out this video to learn how.

Step 1

Log in to mobile or online banking.

Step 2

Select your HELOC account.

Step 3

Choose to lock or unlock a fixed rate.

Step 4

Select the amount you want to lock in, along with the term and rate.

Get answers to frequently asked questions about fixed-rate options for a HELOC.

Once your application is approved, you’ll have the option to automatically lock in a portion or the entire balance upon account opening.

No, you can only lock in a fixed-rate option during the 10-year draw period.

Rates will vary based on when you lock in your fixed-rate option. If you have multiple fixed-rate options, it’s possible that they will all have a different rate.

Any portion of the balance that is not converted into a fixed-rate option will continue to have a variable rate and minimum payment in addition to the fixed-rate option payment.

Yes. You can choose to lock in rates for all or part or your balance.

You can select any term between 12 and 240 months.

Yes. As principal is paid down, it becomes available again within the HELOC during the 10-year draw period.

You can make additional principal payments at any time by visiting a branch or contacting 888-664-5200. Making additional principal payments during the draw period increases your available credit.

Fixed-rate option payments are fully amortized over the selected term and include principal and interest, unless otherwise stated at the time of locking the fixed-rate option. Your HELOC monthly statement will breakdown your variable rate payment along with any fixed-rate option payments.

Yes. You can unlock a fixed-rate option and relock at any time during the 10-year draw period.

Yes. You can pay off your fixed-rate option by visiting a branch or contacting 888-664-5200.

Take the next step

Call 888-664-5200
Log in to lock in a rate
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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

The Consumer Pricing Information disclosure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.

Home Equity Line of Credit: The Annual Percentage Rate (APR) is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal. As of November 6, 2023, the variable rate for Home Equity Lines of Credit ranged from 8.95% APR to 13.10% APR. Rates may vary due to a change in the Prime Rate, a credit limit below $50,000, a loan-to-value (LTV) above 60% and/or a credit score less than 730. A U.S. Bank personal checking account is required to receive the lowest rate, but is not required for loan approval. Customers in certain states are eligible to receive the preferred rate without having a U.S. Bank personal checking account. The rate will never exceed 18% APR, or applicable state law, or below 3.25% APR. Choosing an interest-only repayment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Repayment options may vary based on credit qualifications. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Credit line may be reduced or additional extensions of credit limited if certain circumstances occur.

An early closure fee of 1% of the original line amount, maximum $500, will apply if the line is paid off and closed within the first 30 months. Property insurance is required. Other restrictions may apply. An annual fee of up to $75 may apply after the first year and is waived or discounted with an existing U.S. Bank Platinum Checking Package or with enrollment in our Smart Rewards Program. Annual fees are assessed based on the tier in our Smart Rewards Program on your HELOC anniversary date. Please refer to your Smart Rewards terms and conditions for more information on tier assignment.

Home Equity Line of Credit – Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Property insurance is required. Other restrictions may apply.

Example of Fixed-Rate Option Payment: As of January 10, 2023, an interest and principal payment on a $40,000 FRO with an 8.85% APR for 120 months is approximately $503.46 per month. The actual monthly payment may vary based on the FRO request date relative to your scheduled monthly payment date.