Projected Annual Rise In Home Equity Lines Of Credit

Projected Annual Rise In Home Equity Lines Of Credit

Now that the federal Reserve has finally raised interest rates and signaled future increases, payments on variable rate home equity lines of credit are poised to edge up too. The average HELOC, now at 4.69%, requires a minimum payment of $516 a month on a typical balance of $132,000. If the rates hits 5.3% by year's end, as Bankrate predicts, the bill will jump to $583.

Tips to limit the pain:

Rates vary widely, so hunt for the best deal. 

If your rates are rising on your HELOC consider rolling your debt into a refinanced mortgage or to a fixed rate home equity loan.

Higher home values means you can borrow more against your equity, but just because you can doesn't mean you should. Experts suggest holding your total housing debt, including your mortgatge and HELOC below 70% of the property value, even if lenders say you can afford 80%.


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Phone: 561-951-3759
Dated: April 18th 2016
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