Ask Terry Questions HELOC Interest Rates

HELOC Interest Rates

By Terry Savage on March 12, 2023 | Housing / Real Estate

Hello Terry, Is there anything I can do regarding a HELOC with an interest rate that’s gone from4.5% to 7.33% in 6 months? I owe just under 19K and pay something extra toward principle every month plus interest due. I am a senior on a small fixed income.
Thank you.

Terry Says

That’s the problem with these floating rate loans. And no, there’s not much you can do. It’s still a lot cheaper than a credit card interest rate. Is there any way you can earn extra income? Rent out a room? Drive others to get groceries? etc etc Ask a family member for help? I hate to see this happen.



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