Very confused here...we too have a variable rate Heloc tied to WSJ that can change daily and our term is 60 months.
The Small entity guide states; For a variable-rate HELOC, the most closely-comparable closed-end transaction will be a variable-rate transaction with an initial, fixed-rate period that lasts approximately as long the introductory period, if any, on the HELOC. (If the HELOC has no initial, fixed-rate period, assume an initial, fixed-rate period of one year.)
What term will I use 60 month or 1 year?
Comments are strictly my own and not that of my employer.