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There are many home equity lenders that are available to lend you money on your home but there are a few things that you need to be sure of before you sign on the dotted line. Make certain when you are going over the paperwork that you ask if your home equity loan rate is fixed or a flexible rate. Many lenders will start you out with a low rate around 3 percent but 6 months to a year into the loan you will notice that your payment is going up in price due to the interest rate hike. At the time you notice the rates going up you may have the option to lock in your rate but it will cost you between $50 and $250 depending on which lender that you deal with. The worst lender that participates in this action is Fifth Third Bank, to lock in a rate after your rate has increased it will cost you $99 but you will not get the first rate you were paying you will be changed to the rate you are now paying.