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Interest rates for building loans still low.

Interest rates for building loans still low.

March 2, 2019 at 1:48 pm / by

Interest rates for home equity lines of credit (HELOC)—which offer a flexible way of obtaining funds to pay for things such as home improvements—are still historically low.

If you’re planning on remodeling your home in stages, but you don’t want to run the risk of rising interest rates over time, consider asking your bank for a HELOC with a fixed rate option.

According to MSNBC, “These so-called hybrid HELOCs allow you to convert a portion of the amount you’ve borrowed to a fixed rate that you will repay over a specified period of time…Under the Tax Cuts and Jobs Act, you may be able to deduct the interest on home equity loans and HELOCs as long as you’re using the money to buy, build or substantially improve your dwelling.”

If you can envision it, we can build it.