Want More Control Over Your Payments? Why the Craft Choice HELOC Stands Out
A lot of homeowners like the idea of using their equity, but hesitate when it comes to payment uncertainty. That hesitation makes sense. A standard HELOC is flexible, but it is also generally variable-rate borrowing, which can make future monthly costs harder to predict. (Investopedia, Forbes Advisor)
A fixed Home Equity Loan solves that problem with steady payments, but it also asks the borrower to make one big decision upfront about how much to borrow. Fixed-rate home equity loans are often preferred by borrowers who want stable payments and a clearly defined timeline. (The Mortgage Reports, On Tap Home Equity)
That is why a hybrid-style structure can be so appealing. On Tap’s Craft Choice HELOC is designed for members who want to borrow flexibly, but do not want every dollar they borrow to remain fully open-ended. (On Tap Home Equity, On Tap Craft Choice)
On Tap says members can lock up to five portions of their balance into fixed-rate advances, helping create more predictable repayment while leaving the rest of the line available. (On Tap Home Equity, On Tap Craft Choice)
That structure matters because many real borrowing needs happen over time. A borrower may use part of the line for a remodel, then later use another portion for repairs or debt consolidation. Craft Choice allows those stages to remain flexible while still giving the borrower opportunities to create more structure as they go. (On Tap Craft Choice, On Tap Blog)
Bankrate has reported that more homeowners are using HELOCs as they look for alternatives to refinancing, especially when they already hold lower-rate first mortgages. (Bankrate)
At the same time, the Federal Reserve Bank of Kansas City found that HELOC balances increased after rapid home value appreciation, including in Colorado. Together, those trends suggest that borrowers are not just looking for access. They are looking for access that fits today’s financial environment. (Kansas City Fed, Bankrate)
The Home Equity Loan still plays an important role for borrowers who know exactly how much they need and want fixed payments from the beginning, while the standard HELOC remains valuable for borrowers who want maximum flexibility. (On Tap Home Equity, The Mortgage Reports)
But for borrowers who want a little more balance between freedom and predictability, Craft Choice is the strongest differentiator in the lineup. On Tap also notes that Craft Choice includes a 10-year draw period and up to 15 years to repay the remaining balance. (On Tap Home Equity, On Tap Craft Choice)
As of July 10th, 2026, the Craft Choice HELOC currently features an introductory rate of 4.99% for the first 12 months when at least $10,000 is borrowed at booking. On Tap’s live product messaging also supports the promotion with 4.99% APR language and notes no closing costs in most cases for HELOCs for seasonal promotions. (On Tap Home Equity, On Tap Craft Choice)
Any home equity solution should be approached carefully. The CFPB explains that HELOCs are secured by your home, so borrowers should review payment terms carefully and make sure the loan fits their budget and risk tolerance. (CFPB HELOC Guide, Investopedia)
Frequently Asked Questions
Can you lock your rate on a HELOC?
With On Tap’s Craft Choice HELOC, borrowers can lock up to five portions of their borrowed balance into fixed-rate advances.
Who may prefer a Home Equity Loan instead?
Borrowers who already know exactly how much they need and want fixed payments from the beginning may prefer a Home Equity Loan.
Who may prefer a standard HELOC instead?
Borrowers who want maximum flexibility and ongoing access to funds may prefer a traditional HELOC.
Why does Craft Choice stand out?
It gives borrowers HELOC-style flexibility while also creating opportunities for more predictable repayment on used balances.
What should borrowers remember before choosing any home equity product?
Because the borrowing is secured by the home, it is important to understand payment obligations, risks, and long-term affordability.