Fixed Line Of Credit

my current line of credit is at 7.5%. I can switch it from fixed to variable to 6.05%. Will fed keep rates low or will they go up again? I can't switch accounts for another 5 months to avoid prepayment fee $500. I would like to lock in at lower rate. I am at 90% of value. Question is will rates remain low on variable loan?

I must disagree with everyone... I originate Home Equities and I recommand variable to my clients. Fed just lowered the rates and the plan is to make the economy go faster. I believe the rates will remain low for another year at least If they go up they will go by only .25% or .50% and then that's the time you can choose to fix your home equity. You want to pay over 1% higher in interest for the fear of rate going up by .50%?

2008-02-07 10:39:48 by toddrws

Some Ways to Lower Your Home Equity Line of Credit Rates Owning a home must be the most precious property that someone can possess in most peoples ...

I am asking because I am really nervous about applying for home equity for a roof starting very soon-probably next week.
My roof is leaking.

My credit union is currently charging anywhere from 6.5 percent for a 5-year loan up to 7.25 percent for a 20-year loan. You should probably check with whatever bank you're planning to borrow from, since I'm sure rates vary from one part of the country to another.

You might get the best rate if you try the bank that you currently have your mortgage with, especially if you explain why you need the loan. It's in their best interest to make sure your house stays in good shape.

2008-03-03 12:55:48 by happydawg

Price: $20.94 $10.97

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I used to live in this house but now it's a rental, I currently have a $32,000 line of credit at an adjustable rate, can I refi and get a good fixed rate or would I pay more because it's a rental now?

You were supposed to change it when you moved. Yes, you can get a fixed rate, but fixed rates on income property is higher then owner occupied.

2009-06-14 11:29:19 by Luke

Maybe. You would have to refinance you existing mortage, then pay off you HELOC. Unless you can get a loan with NO closing costs at the same or lesser interest rate, ti doesn't make sense. It might take you 10 years to break even. Since you can use the interest from both loans as a deduction on your taxes, it doesn't make sense to me.

2008-01-30 10:19:50 by Dominic R

I have medical bills which have destroyed my credit. My husband feels my bills are not important. Part of these bills are from our son's birth. Some are from past student loans. I don't make alot of money, but would love to clean up my credit. Please help.

Medical debts are easy to settle and remove from your credit report. (depending on what company is tryingto collect of course)

I would reccommend settling the debts by offering small amounts of money. Ask the collection agency to provide proof in writing that they are willing to settle and also that they are willing to delete from the credit bureaus. Even if they are not willing to delete, you can settle them and after you do dispute them and they will probably not respond, then the items will come off your reports.

This site has a free downloadable credit repair and debt settlement kit. Just open the free e-book and read it, then use the free letters that correspond with your problem.

http://www.expert-credit-advice.com/

They offer the service too, but try to do it yourself first.

You dont need to be paying anyone if your in debt. Just start saving money and settling the debts one at a time.....

2006-11-19 21:32:00 by beautiful_heart