One of the major advantages of a home equity line of credit is its flexibility.
A major disadvantage is that HELOCs have variable interest rates, which means as rates increase, you'll pay more for that loan.
But Chase and Bank of America each offer an option that lets consumers combine the best of both loans.
With this option, borrowers can lock in a fixed interest rate on all or a portion of a home equity line of credit.
Learn more about this loan product in my Interest.com article, It’s possible to get a fixed rate on a line of credit.