Profile picture for EricbytheBay

I have an equity line on my house $59k 6.75% R there cheaper rates?

I have a 1st at 413k which I refinanced 8/09 at 4.75%  Very  good credit. I would like to get a lower rate on the Eline and keep the existing 1st. I am not having any financial problems and have a stable job/income. Just think I can do better and feel maybe BofA took advantage. I actually got this loan when nobody was giving loans 2 years ago. My email is sfericsf@sbcglobal.net
  • March 18 2010 - Bernal Heights
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Answers (2)

Profile picture for Liberty Mortgage
Current rates for a HELOC are not, I say again, not in the 4.00% range-  I do not think you can do better any place else-  Additionally, equity would be a very big concern in today's market as HELOCS are very hard to come by.  Your only option would be to refi the whole mortgage which does not make sence as you could pay off the 59K Heloc quite quickly without incurring any closing costs from a new mortgage.
  • March 18 2010
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6.75% is a bit steep for a traditional HELOC - current rates are 4% to 4.5%.  If it's a fixed rate, it is quite good (fixed are around 8%)
  • March 18 2010
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