FRLO - fixed rate lock option is becoming a more and more common feature orf HELOC loans as interest rates rise. The FRLO feature gives borrowers the ability to fix the rate, payment, and term on all or a portion of their HELOC, while keeping the variable rate line of credit open for additional use. As the FRLO loan principal is repaid, the line will increase and become available for use at the current variable rate. Specific FRLO terms vary by lender. In one example, the minimum FRLO amount is $10,000.00, with regular principal and interest payment and a term of no more than 10 years, not to exceed the maturity date of the mortgage.

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