Fixed HELOC at Columbia Bank
You don’t see a lot of fixed Home Equity Lines of Credit, so I wanted to mention this one: Columbia Bank in Washington and Oregon has a fixed HELOC at 6.25%. The loan has a minimum line of $10,000 and a maximum of $25,000 for a 5-year draw and a 10-year repayment. The loan-to-value can be up to 85%. Closing costs are waved. On the down side, Columbia Bank’s HELOC does have a $75 annual fee and a $300 pre-payment penalty if the loan is closed within 3 years. Also, the HELOC requires auto-pay to be set-up from a Columbia Bank deposit account. Columbia Bank also has a variable HELOC available.
Columbia Bank is based entirely in the Pacific Northwest, with more than 40 banks in Washington and 10 in Oregon.