I have a home equity loan for $100,000 locked at 7.25%. I decided to unlock it for $200 and relock it a a lower rate, only to discover the new rate was 7.35%. If I leave it unlocked the current rate is 5.49% (prime minus 0.51%). I had short term money in the 1980′s at 18-21% and cannot afford that now. Could this happen again? Is it safe to unlock this money and leave it unlocked? Or should I stay with the current locked rate?
Is It Safe To Leave A Home Equity Loan Unlocked?
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Getting a fixed-rate home equity loan is always a safer bet than an adjustable rate. With a very weak dollar and soaring prices, I would prefer fixed rate.
I remember the days of the Carter administration when inflation was rampant and interest rates were 18-20%. Let’s hope that doesn’t return.
Have you shopped around with other lenders to totally refinance the loan?
If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What’s the interest rate? Knowing this is crucial. The interest rate will determine
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