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?
Posts Tagged ‘It’
Is It Safe To Leave A Home Equity Loan Unlocked?
Thursday, May 14th, 2009Is It True You Can Get A Home Equity Loan After 30 Days?
Tuesday, May 12th, 2009How long do you have to live in a home that appraised higher than what you paid to get a home equity loan?
