VENT (kinda long - sorry) Has anyone transfered their HELOC to a Home Equity Loan???

At closing I was surprised by the fact that after all of our conversation the loan officer STILL gave me a second mortgage (fine) that was a variable HELOC. I wanted a fixed Home Equity Loan. We do not want to borrow any money from the loan at all - just want to pay it down.

So, I had the bank attorney call her at the closing and she was backpeddling and gave me no answer as to why she did that...

Yes, I did get the documents in the mail - the day we closed because she sent them to my old address (and the mail was forwarded).

Ok so I was annoyed but what could I do, that was the last thing to sign.

So here I am three days post closing and I'm online looking at the Home Equity Loans and the rates but how do I go about getting one of these since I just closed? I see no closing costs, no fees.... Any experiences???

Re: VENT (kinda long - sorry) Has anyone transfered their HELOC to a Home Equity Loan???

We had a HELOC when we closed. When we signed the papers our rate was 5% for our first payment it shot up to 9% by our second payment. Our payment doubled as you can imagine. Fortunately for us we could afford the increase but in reality it would have been nice to stay at the lower payment. After about 4 or 5 months we looked into getting a Home Equity Loan at a fixed rate. We closed in April 2006 and we not able to get it until Jan 2007 since our papers weren't filed in teh county and the bank needed them to be filed ot move forward. We ended up paying $90 which was nothing at got a fixed rate at 6.74 from commerce--we were also able to take some money out of our equity to do things we wanted around the house. It was the best decision we ever made. Before we did it I was paying $750 ($525 to interest & $225 to principal and it had a balloon payment after 20 years) now I am paying $645 a month and it is for a shorter period of time and will be completely paid off. You will probably have to wait until 2008 to get the Home Equity Loan like we did but the second you can do it I would do it. We went to the bank in November 2006 to see if we could do it and they told us the papers weren't there yet so that is why we waited until Jan 2007. Please FM if you have any questions.