HELOC coming due in full?
Home Equity Loan rising?
Second Mortgage rate increase?
Home Equity Lines Of Credit are seeing rates rise
and becoming due in full as they age
Home Equity Lines Of Credit are seeing rates rise
and becoming due in full as they age
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Although rates on first trust deeds decreased this past two days, prime seconds will not
If you have a Home Equity Line of
Credit (HELOC) you should be concerned where your rate and monthly payment will
be in the future
$100k line at 5.25% = $522
Take the rate @ 10% = $877
Take the rate @ 18% = $1,507
Most of these lines of credit have a
lifetime cap of 18%.
 |
| Prime Rates rise for HELOC |
United States Average Monthly Prime
Lending Rate Forecast 2016-2020
Bank Lending
Rate in the United States is expected to be 4.00 percent by the end of this quarter,
according to Trading Economics global macro models and analysts’ expectations.
Looking
forward, we estimate Bank Lending Rate in the United States to stand at 4.25 in
12 months’ time. In the long-term, the United States Average Monthly Prime
Lending Rate is projected to trend around 5.25 percent in 2020, according to
our econometric models.
Given
the forecast, Home Equity Lines of Credit are getting pretty expensive. Get
ahead of the curve and let us help you get into a fix loan.
Don’t
gamble your home, moved to a fix loan!