WaMu HELOC and the option to lockin a fixed rate at your current index rate Plus 1.4%

That is what I was told when inquiring about the HELOC and what I was told before I signed

but now it says index plus 14% my rate is currently 3% so that would make it 17%



throughout my loan docks it refers to my being able to convert to the fixed rate as a benifit

I would like to hear from others with such an option to chose a fixed rate to see what % they can lock in above their current index (1.4%)

if the 14% were the correct amount to be added to my initial interest it would have put me over the interest rate cap and as such could not have been offered as a benifet

Please let me know about your WaMu HELOC, you will need to read your agreement and if you can't find your original you may have as hard of a time getting a copy as I did

WaMu/C. has told me their fixed rate offered is 9.1% as of  JULY 20 2009