Fixed Rate Lock refers to a feature of the Choice Home Equity Line of Credit account that permits establishing a Fixed Rate Part, subject to certain limitations described more fully in the account agreement, for terms ranging from 5 to 30 years (except in the state of Tennessee with terms ranging from 5-20 years). Payments generally include principal and interest amounts based on a level amortization schedule designed to fully repay the Fixed Rate Part amount at the end of the term selected.

Applicable Fixed Rate Part APRs will vary and are based on the index value for fixed-rate options in effect at the time a Fixed Rate Part is established; and a margin value based on your credit qualifications, the repayment term of the Fixed Rate Part, the amount of the transfer, the property type, loan to value, lien position and whether you elect the automatic payment feature from a PNC checking account established at the time of application. Once a Fixed Rate Part is established, the APR for that Part will not change. The minimum amount to establish a Fixed Rate Part is $5,000. Principal repayments during the Draw Period replenish the available credit line and are available for future draws.

Your rate may also be higher or lower as rates are subject to change at any time based on market conditions or other business factors including changes in benchmark interest rates. Call 1-855-569-1207 to obtain the most up to date rates available in your market.