Convert all or a portion of the outstanding balance from your First Tennessee Home Equity Line of Credit to a fixed rate on the converted balance with a FlexLoan.**
Your variable rate line of credit remains open and replenishes as you pay down the FlexLoan, so you can use the extra credit as you see fit: it's the best of both worlds from First Tennessee.
- Low, fixed interest rate
- Flexible loan terms
- Interest may be tax deductible*
- Fixed monthly payments on FlexLoan portion
- Automatic draft payments from your checking account if you choose
- Consolidated monthly statements that include FlexLoan and HELOC minimum payments
*Consult your tax advisor about interest deductibility. Interest may not be deductible for loans with LTV greater than 100%
**FlexLoan (fixed-rate conversion) commitment fee (FINANCE CHARGE) is $500 for each conversion and is subject to change. Fixed-rate conversion applies to single-family, owner-occupied properties or second homes, including townhomes or condos. Fixed rate conversions are available 6 months after the HELOC is opened. The original HELOC must be in 1st, 2nd, or 3rd lien position on title. The fixed-rate conversion option does not apply to any HELOC product with a CLTV greater than 100%. Maximum number of fixed-rate conversions allowed per HELOC is four. Fixed-rate conversions are not allowed for HELOCs secured by properties in Texas or on HELOCs which have a previous past due payment of 60 days or more. Fixed-rate conversions are available only during the draw period. Terms, rates, and fees are subject to change, without notice, prior to closing your fixed-rate conversion. Minimum conversion amount is $10,000. Certain restrictions and documentation requirements may apply.
All loans subject to credit and collateral approval. Geographic restrictions apply.