Home Equity Line of Credit - If the Rate Goes Up to Ten Percent the Monthly Payment on a Home Equity Loan in Five Years Would Be Ninety Eight Dollars and Fifty Four Cents

Home equity lines of credit can get out of hand very quickly. The interest rates a little bit better than fixed home equity loans you can get a home equity line right now somewhere around six and a half percent. If the interest rate went up to ten percent the new monthly payment required to have that loan satisfied in five years would go up to almost eleven hundred dollars. We are actually building on mistakes instead of them getting fixed because money is tight we've got for scarcity moment you're actually just using this bridge this band-aid moment.