Home Equity
Fixed Rate Loan Conversion
We believe life is an adventure and we want to be there to assist you every step of the way. Whether those steps lead you to create that dream kitchen or buy a new car, the equity you have built in your home can provide you with home equity lending options.
Fixed Rate Loan Conversion Option
The HarborOne Fixed Rate Loan Conversion Option allows you to convert a portion or all of the outstanding line balances into a fixed term loan. This option is available only for open and active HELOCs originated on or after 2/1/19 and within the 10 year draw period.
When you want to lock down a specific portion of your HELOC balance into a fixed payment amount, then a Fixed Rate Conversion may be your best solution. This could be a great option for funding any important needs in your life, whether you’re looking to upgrade appliances, buy a car, consolidate debt, or simply convert a portion of your current HELOC balance.
This option offers predictable monthly payments, competitive interest rates and a variety of payment options.
Features:
- Available fixed rate terms from 1-15 years
- Minimum loan conversions amount of $5,000
- No fixed rate conversion fee
- No restriction on number of conversions (only available during 10 year draw period)
- Requires monthly automatic repayment from a HarborOne savings or checking account
- Continued access to revolving line as the need arises. As the loan is repaid, funds within the line of credit may become available for re-use.
| Loan Amount | Term | Annual Percentage Rate (APR) | Monthly Payment Per Thousand |
|---|---|---|---|
| $5,000 - $750,000 | 5 Years | 7.99% | $20.27 per Thousand |
| $5,000 - $750,000 | 10 Years | 8.24% | $12.26 per Thousand |
| $5,000 - $750,000 | 15 Years | 8.49% | $9.84 per Thousand |
When you want to borrow a specific amount for a one-time need–whether you're looking to upgrade appliances, buy a car, or consolidate debt—then a bank loan may be your best solution. Our loans offer predictable monthly payments, competitive interest rates, and a variety of payment options.
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