|
||||||
| Personal Finance Credit cards, home loans, retirement plans and taxes. The place for all your personal finance questions. |
 |
|
|
LinkBack | Thread Tools |
01-12-2007, 01:03 PM
|
||||
|
||||
HELOC Question
I currently have a Home Equity Line of Credit at Prime Interest Rate (8.25). I have heard that sometimes your bank will be willing to lower this rate and lock it in for better customers with good credit, a high account balance, etc. I feel that I qualify for this. Has anyone heard of this or had any luck with any such thing? Thanks for your help!
__________________
MODERATOR Brian 
|
|
01-12-2007, 01:35 PM
|
||||
|
||||
|
Re: HELOC Question
Prime rate is pretty standard for HELOC loans. The best offers I've seen are Prime Rate minus 0.5%. Many lenders offer 0.25% reduction in interest rate if you have a checking or savings account with them and sign up for automatic payments. Home Equaty Line of Credit (HELOC) rate is always lower than the Home Equity Loan, which is fixed. If you want to convert your HELOC into a loan with a fixed rate, it's going to be higher than your current rate.
|
|
01-12-2007, 02:38 PM
|
||||
|
||||
|
Re: HELOC Question
For my HELOC, the intro rate was 5.99% then jumped to 7.99%. I locked in a HEL for 7.24%.
|
|
| Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
| Thread Tools | |
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| HELOC or Car Loan? | Beccagold | Personal Finance | 14 | 01-01-2007 08:54 PM |
| 6.99 % Personal vs. 10% HELOC | boefixepa | Investing & Banking | 4 | 08-15-2006 01:08 PM |
| HELOC calculator needed | tgavin71 | Investing & Banking | 0 | 06-10-2006 04:46 PM |
| How does a reverse mortgage differ to a HELOC? | Haku | Personal Finance | 3 | 05-25-2006 10:46 AM |
| forget it. actually was HELOC. | pam333 | Personal Finance | 8 | 08-15-2004 10:53 AM |
