A Fixed Rate Equity Loan Option (FRELO) is a loan you take out of your HELOC during the draw period. As you pay this back, your HELOC line is replenished. A FRELO allows you to enjoy fixed rates for a set amount of time, rather than paying variable rates.
At ASB, we allow you to take out up to 5 FRELOs on your HELOC at one time. These fixed rate options are available at any time during the draw period of your HELOC. With our competitive FRELO, you can choose loan terms between 3, 5, 7, 10 and 15 years with a fixed interest rate. A FRELO may be a great option if you have a planned expense but still want access to funds should you need additional money.