Yes, your Home Equity Line of Credit can have a fixed interest rate!
Welcome to another benefit of having your HELOC (Home Equity Line of Credit)* at Star One Credit Union.
On most Star One HELOCs, you can protect yourself against rising interest rates by requesting a fixed rate on part or all of your outstanding balance—instead of the regular adjustable rate.
About the Fixed-Option HELOC
HELOC balance to a Fixed-Rate HELOC segment.
Today's interest rates for the Fixed-Option HELOC are:
Home Equity Loan 20 Years Fixed
6.315% APR
Home Equity Loan 15 Years Fixed
6.204% APR
No application is required—simply complete the form below.
To be eligible, your Star One HELOC must be in its draw period, and the property must be owner-occupied.
Form Instructions
Upon approval, a HELOC agreement will be sent to you within 10 business days of your request. The agreement must be signed and returned to Star One within 5 business days of receipt.
We are currently accepting signed agreements via email or U.S. postal service.
If returning via U.S. mail, please use the following address:
Star One Credit Union
Attn: Real Estate Loan Servicing Department
PO Box 3643
Sunnyvale, CA 94088-3643
If you would like to return the documents electronically, please do so by replying to the email received with the documents attached.
Your new Fixed-Option HELOC segment will be processed within 10 business days of receiving your signed documents. Your new rate and payment will be in effect in accordance with your next due date as specified on your documents.
Additional Information
To be eligible, your Star One HELOC account must be in its draw period and the property must be owner-occupied.
All or a portion of the balance of a Home Equity Line of Credit can be converted to a fixed interest rate and payment.
The Annual Percentage Rate and other terms that apply to the Fixed-Rate Option balance will be consistent with the current offering on the Fixed Home Equity Loan products (15-year and 20-year Fixed Home Equity Loans) and will apply to the outstanding balance until fully repaid.
The Equity Line's available credit limit applies to the total of outstanding balances under both the Fixed-Rate Option and any remaining balance on the existing HELOC. As the Fixed-Rate Option principal balance is paid down, the amount of credit available under the credit limit will increase by the corresponding amount.
Interest on the remaining balance of the HELOC account will continue to accrue at the variable rate as provided in borrower’s existing Home Equity Line of Credit Account Agreement and Disclosure. In addition to the payments on the Fixed-Rate Option, borrowers will continue to make payments on any remaining balance on the existing HELOC as specified in the agreement.
You can request up to 3 Fixed-Rate Option segments tied to one HELOC.
Your Information
Certain Home Equity Lines of Credit may not qualify for the fixed-rate option. A representative will contact you if we are unable to process your request.
Disclosures
* Home-equity line of credit rates are variable and the maximum APR that could apply is 18.000%. The maximum term is 25 years, which includes a 10-year draw period and a 15-year repayment period. For lines exceeding $250,000, closing and appraisal fees may apply in the range of $1,500 to $2,500. There may be an early closure fee of $500 for home-equity lines closed within the first two years of origination.
** Fixed-option HELOC segment—example assuming fixed-rate home-equity loan of $300,000: 15-year at 6.077% APR—180 monthly payments at $2,531.70; 20-year at 6.188% APR—240 monthly payments at $2,170.80.