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Message
re: Bank recs for HELOC- New Orleans
Posted on 2/18/14 at 10:12 am to Dead Mike
Posted on 2/18/14 at 10:12 am to Dead Mike
quote:
You can also apply for a takedown to fix the interest rate on a set principal amount.
I'm unfamiliar with a "takedown". Could you explain further?
quote:
Payments on the principal would then be added to your available draw.
Isn't this standard OP, for a fixed or adjustable rate LOC? At least for a period of time, 5 yrs or so.
1
Posted on 2/18/14 at 10:23 am to Oenophile Brah
quote:
I'm unfamiliar with a "takedown". Could you explain further?
You honestly might not even consider it based on how long you expect to carry the principal balance if you've got an intro rate for an extended period of time, but it would allow you to essentially convert some of your principal balance into an installment loan within the structure of your HELOC (thus you might pay a fixed rate on a big chunk of principal, but as you pay down this principal it is added back to your available credit line). I'm not sure how or in what terms the feature is offered across different banks.
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