A HELOC is a revolving line of credit that’s secured by your home, and that allows you to borrow money up to the line’s credit limit and repay it — with interest — over time.

HELOCs typically have variable interest rates, meaning they fluctuate as market conditions change. But with a fixed-rate HELOC, part or all of the money you draw from the credit line has a  fixed interest rate, protecting you from potential interest rate increases.

Fixed-rate HELOCs are less common and may have different requirements than HELOCs with variable rates. We’ll look at how fixed-rate HELOCs work and review some lenders that offer them to help you decide if one is right for you.

• Are HELOC rates fixed or variable?
• Can I get a HELOC with a fixed rate?
• 5 HELOCs with a fixed-rate option
• Should I get a fixed-rate HELOC?

Are HELOC rates fixed or variable?

In general, interest rates on HELOCs are variable. But some lenders let you lock in a fixed interest rate for part or all of your credit line. With a variable-rate HELOC, interest rates fluctuate in line with the prime rate and may increase or decrease while the credit line is open.

Because your rate can change, your monthly payment may not be the same every month. When rates increase, your monthly payment goes up, and when they drop, your monthly payment goes down.

A HELOC’s variable rate is one of the features that sets it apart from a home equity loan. Both allow you to borrow against the equity in your home, but home equity loans typically have fixed interest rates. You borrow a single, lump sum and repay it in equal monthly installments — with interest — over the life of the loan.

A fixed-rate HELOC is a cross between the two, giving you the predictability of a home equity loan and the flexibility of a HELOC.

Can I get a HELOC with a fixed rate?

Yes, some — not all — lenders offer fixed-rate options. Lenders that do may allow you to get a fixed-rate option right away or convert portions of your variable rate HELOC to a fixed rate when you make a withdrawal.

To qualify for a fixed rate, you typically need to meet a minimum draw requirement. So if the amount you withdraw is below the lender’s minimum, you’ll have to pay the line’s variable rate.

If you choose a fixed-rate option, your interest rate may be higher than it would if you went with the variable rate — at least at first. But if the variable rate of the HELOC rises in the future, you’ll be protected from those rate increases.

Lenders may limit the number of fixed-rate loans you can have at one time and may charge a rate lock fee. But some will complete the conversion at no charge. Once you’ve locked in your interest rate, you may be able to unlock and relock it to take advantage of future rate decreases.

Whatever amounts you don’t convert to a fixed rate will accrue interest at the HELOC’s variable rate.

5 HELOCs with a fixed-rate option

Fixed-rate HELOCs are less common than variable rate options. Here’s a look at some lenders that offer fixed-rate HELOCs.

Bank of America HELOCs

With a HELOC from Bank of America, you can convert a minimum of $5,000 up to a maximum of 90% of your credit line from a variable rate to a fixed rate and vice versa. There are no conversion fees, and you can have up to three rate locks at the same time.

This bank doesn’t charge application fees, annual fees or closing costs, and it offers autopay, initial withdrawal and Preferred Rewards member discounts.

Read our Bank of America HELOC review to learn more.

Figure

Figure offers fixed-rate HELOCs upfront — no need to convert from a variable to a fixed rate. You’ll receive the full loan amount (minus an origination fee) at loan closing.

As you pay off the balance, you can redraw up to 100% of the credit line and lock in a lower rate if interest rates fall. Figure offers credit lines ranging from $15,000 to $400,000, and you can pre-qualify to see what your estimated loan amount and rate would be without affecting your credit scores.

Read our Figure HELOC review to learn more.

U.S. Bank HELOCs

With a HELOC from U.S. Bank, you can lock in a fixed rate on some or all of the money you borrow when you draw at least $2,000 from your credit line. The bank doesn’t charge a fee to unlock and relock your rate during the draw period, and you can have up to three rate locks at one time.

Read our U.S. Bank HELOC review to learn more.

BECU

BECU offers HELOCs of up to $500,000. You can lock your rate on amounts of $5,000 or more and have up to three rate locks at a time. There are no locking or unlocking fees. When you lock your rate, you can choose from repayment terms of one to 15 years.

BECU doesn’t charge application, origination, annual or prepayment fees, but you must pay a reconveyance fee when the HELOC ends.

Read our BECU HELOC review to learn more.

Truist

At this large bank, you can have up to five fixed rate draws at a time on amounts of at least $5,000. Each rate lock has a $15 setup fee, and you can choose from repayment terms of five, 10, 15, 20 or 30 years.

Read our Truist HELOC review to learn more.

Should I get a fixed-rate HELOC?

In a rising-rate environment, locking in a fixed rate can help protect you from future rate increases.

If you’ve built up equity in your home and need cash for a renovation or other expense, a fixed-rate HELOC may be worth considering. Here are some questions to help you figure out if a fixed-rate HELOC may be a good choice.

• How much equity do you have in your home?
• How much do you need to borrow? Does it meet the minimum draw requirements for a fixed rate?
• How do you plan to use the money?
• Does a HELOC, home equity loan or personal loan make more sense?
• Are you comfortable with uncertainty or do you prefer predictable monthly payments?
• What is your credit history like?

If you have more than one vehicle in your home, multi-car insurance may be a good option.

With this coverage, you can put multiple vehicles on the same policy. Multi-car insurance has numerous benefits and may be an ideal fit for your situation if you live in a household with more than one vehicle.

• What is multi-car insurance?
• Pros of multi-car insurance
• Cons of multi-car insurance
• Which car insurance companies offer the biggest multi-car discounts?
• How to get a multi-car insurance quote
• What coverage do you need on your multi-car policy?

What is multi-car insurance?

Multi-car insurance means having more than one vehicle on a single car insurance policy.

Several insurers offer multi-car coverage, which can provide savings that reduce the cost of your car insurance premium. Many insurers offer significant discounts with their multi-car policies.

Specific rules apply to multi-car insurance. These rules vary from one insurer to the next.

With most insurance companies, all the vehicles on a multi-car policy must be kept at the same address. For example, Progressive allows you to add a spouse, family member or roommate to your policy if all the cars on the policy are housed at the same address.

Pros of multi-car insurance

Multi-car insurance has certain advantages.

• It’s streamlined and convenient: Maintaining separate policies for your vehicles requires separate bills, payments and renewal dates. With multi-car insurance, a single policy covers your cars. That means there’s a single bill, a single payment, and a single renewal date. There’s less paperwork to deal with and less time spent handling your insurance coverage.
• It may allow you to pay a single deductible: Depending on your insurer and coverage options, you may only need to pay one deductible if multiple cars on the same policy suffer a loss in the same incident. For example, if you have two vehicles that suffered damage in the same storm, a multi-car policy may allow you to pay just one deductible when making a claim.
• It may provide access to stacked insurance coverage: Stacked insurance allows you to combine coverage limits for more than one vehicle. It usually applies to underinsured and uninsured motorist coverage. For example, let’s say you have two vehicles on your multi-car policy, each with an uninsured motorist bodily injury coverage limit of $30,000. With stacking, you’d be able to combine those limits and increase your coverage on each car to $60,000.

Cons of multi-car insurance

There are some drawbacks to consider with multi-car insurance.

• It may result in higher rates after a claim: If you share a policy with someone and that person files a claim, it could cause an increase in the premium. For example, say you share a policy with your partner. If your partner has an accident and files a claim, your coverage premium may increase.
• It may make you ineligible for specific discounts: If you share a multi-car policy with someone, you both must be eligible to qualify for specific discounts. For example, if you have a clean driving record, you may qualify for a good driver discount if the policy is in your name only. But if you share multi-car coverage with a driver whose record is blemished, you may lose eligibility for the discounted pricing given to policyholders with spotless driving histories.

Which car insurance companies offer the biggest multi-car discounts?

Here are some of the insurance companies offering the most significant car insurance discounts for multi-car policies.

• Direct Auto Insurance — Direct Auto Insurance offers excellent discounts for multi-car coverage. With this insurer, you may be eligible for a discount of up to 25% if you choose a multi-car policy. Direct Auto also offers discounts for safe drivers, senior citizens, military service members, good students and those with driver education training.
• Geico — Geico is a top choice if you want to save money with a multi-car policy. If you insure more than one car with this insurer, you could get a discount of up to 25% on your premium. Geico also offers discounts for federal employees, military service members and good drivers. Additionally, this insurer provides various customer loyalty, vehicle equipment and driver affiliation discounts.
• Amica — Amica is based in Rhode Island and provides auto insurance in certain states. This company offers up to a 25% discount if you opt for multi-car insurance. Amica also offers loyalty and homeownership discounts.

How to get a multi-car insurance quote

You can get a multi-car insurance quote online. You may need to provide the information listed below for each driver on your policy:

• Social Security number
• Driver’s license number
• Driving distance to work
• Accidents, claims and driving violations in the past five years
• Make, model and year of each vehicle you want to insure

You can also get a quote by calling an agent directly.

You’ll need to share information regarding all the drivers on the policy. As a result, some planning ahead on your part may be necessary to make sure you have access to all the info you’ll need to share.

What coverage do you need on your multi-car policy?

Single-car and multi-car policies are subject to the same minimum coverage requirements. These minimum coverages are required by law and vary from state to state. Almost all states require liability insurance, so this will likely be part of your multi-car coverage. This coverage pays for damage you cause in a car accident.