lock in interest rate

That definately doesn't sound right to me. Can they do it? Yes they can because the Fixed rates they offer can change whenever they choose to. I would say shop around! There are definately better interest rates available thats for sure. The bank I work for right now allows you to lock in at any time for either 5, 10, 15, 20 years or you can even lock your rate in to a 7yr interest only payment although I would never suggest the 7yr int. only unless if your just flipping properties or something of the sort. I believe our 5yr fixed rate right now is around 6%, depending on your credit score and your loan to value ratio.

I hope with the situation you're in you are able to refi you current HELOC because it sounds like your current bank is taking you for a ride!

Best of luck

Hi Bobby,

Don't go with this bank. It's not the fair service they are providing. Shop around and try to find out much better offer.

Interest rates have been on the RISE!!!! DEFINEATELY LOCK IN RATES!!! I'm the mortgage consultant of Security One Financial.

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Security why would you suggest locking the rate? Sounds like the OP has an equity line that probably has a good rate. I would stay with the rate you have an dpay extra if you lock that extra will go towards interest.

They can set their locked rates at a point aboove their HELOC rates and this sounds a bit high but it is a second lien?

Brian