With a Woodstone Interest-Only HELOC, you now have the ability to choose a variable or fixed rate when you borrow money, or fix all or part of your variable-rate balance any time during your draw period. And, as you make your principal payments, your available credit increases again. So you can get the cash you need at a rate you can count on.
A HELOC might be right for you if:
- You want to ensure you have access to funds when you need it, for up to 10 years. This access is the draw period.
- You want the lowest monthly payments possible with interest-only payments during the draw period and principal-and-interest payments during the 20-year repayment period
- You want the flexibility of either keeping your rate variable or fixing your rate if interest rates start to rise.
Why choose a Woodstone HELOC?
- Borrow at a fixed or variable rate—it’s your choice.
- Use it only when you need it—pay interest only on what you use.
- Interest-only payments during the 10-year draw period and fully amortizing payments during the 20-year repayment period give you more flexibility and lower monthly payments.
- Fix your rate and term at any time during the draw period.
- Get convenient access to your money with a check, cash advance, or online transfer.