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what is a decent interest rate on a HELOC (home equity line of credit). ? we have very good credit and our?
Posted on January 1st, 2009 3 comments
Mark asked:
household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I’m wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?
JORDANPersonal Finance Countrywide Financial, Equity Line Of Credit, Heloc Home Equity, Home Equity Line, Home Equity Line Of Credit, Household Income, Interest Rate, Interest Rates, Jp Morgan, Jp Morgan Chase, Mortgage Loan, Prime Rate3 responses to “what is a decent interest rate on a HELOC (home equity line of credit). ? we have very good credit and our?”
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Steve R January 5th, 2009 at 21:46
You should have gone to your bank first. My bank gave me Prime - 1%. I got an additional .25% reduction in the rate for linking payments to the checking account.
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demonic angel January 9th, 2009 at 00:35
you definitely should have done research before going into any loan with any bank. Most banks are prime- 0.50% and you probably should have looked around for one that didn’t charge closing fees…..the good news is, do your research now, wait a few months and pay off this one with a more competitive offer.
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gentleman January 4th, 2009 at 04:38