lotoparty, usually helocs are variable rate loans. A true heloc is also not ammortized for any term. They are interest only payments usually due in 15 years. But, obviously if you make interest only payments you will never pay it off. I usually give my customers a "target payment" so they can have it payed off at their desired date. Just make sure it is a true fixed rate(and for how long) and it sounds like a good deal! Just watch out, some credit card companies have fine print stating that if you ever make a late payment your payment will go to __%. I know we never make late payments, but accidents happen. And when they say late, sometimes they mean ONE DAY late.