Newbie question for HELOC

[Jack0Life]

I know the gist of a HELOC but I can't seems to find an answer to this.
This bank who is also my mortgage lender is now offering a HELOC of 3.25%.
https://www.thirdfederal.com/
My mortgage is currently @ 3.19% ARM that's has 3 years left before it adjust.

So lets say i get approved for a $100k HELOC at the current 3.24 rate.
If I decided to withdraw the entire $100k right away, am I fixed with that 3.24 rate for the duration of that $100k or does the rate fluctuate as long as I have the original $100k balance.
Thank You

[SwordGuy]

I know the gist of a HELOC but I can't seems to find an answer to this.
This bank who is also my mortgage lender is now offering a HELOC of 3.25%.
https://www.thirdfederal.com/
My mortgage is currently @ 3.19% ARM that's has 3 years left before it adjust.

So lets say i get approved for a $100k HELOC at the current 3.24 rate.
If I decided to withdraw the entire $100k right away, am I fixed with that 3.24 rate for the duration of that $100k or does the rate fluctuate as long as I have the original $100k balance.
Thank You

You'll have to check with your lender.  Terms and conditions vary.     And read the document before you sign it to make sure it agrees with what you were told -- because sometimes they don't.

[ericrugiero]

You'll have to check with your lender.  Terms and conditions vary.     And read the document before you sign it to make sure it agrees with what you were told -- because sometimes they don't.

+1 

My HELOC is adjustable with prime and changes whether I currently have any money borrowed or not.  Also, make sure the rate you are looking at isn't an introductory offer.  Mine went up after 6 months (which was fine because they communicated it clearly). 

[reeshau]

The asterisk on their Home Equity landing page says:

*Variable APR of Prime -.06%

But do read your contract directly.  My HELOC was variable for the period we could draw on it, then went to fixed when it went to the pay down phase.  (Which we never used)

[Dicey]

The asterisk on their Home Equity landing page says:

*Variable APR of Prime -.06%

But do read your contract directly.  My HELOC was variable for the period we could draw on it, then went to fixed when it went to the pay down phase.  (Which we never used)

Notice that reeshau is in Ireland. If you're in the US, this is much less likely. As a rule, HELOCs are adjustable in some way.  Sword Guy is correct, there are lots of variables, which is why you must always do your due dilligence. This is another drawback of relying on a HELOC for an emergency fund.
 

[reeshau]

The asterisk on their Home Equity landing page says:

*Variable APR of Prime -.06%

But do read your contract directly.  My HELOC was variable for the period we could draw on it, then went to fixed when it went to the pay down phase.  (Which we never used)

Notice that reeshau is in Ireland. If you're in the US, this is much less likely. As a rule, HELOCs are adjustable in some way.  Sword Guy is correct, there are lots of variables, which is why you must always do your due dilligence. This is another drawback of relying on a HELOC for an emergency fund.

My HELOC, though, was in Michigan.