This entry was posted on Sunday, August 12th, 2007 at 5:59 pm and is filed under Financing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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August 12, 2007
Many are finding themselves struggling under a Second Mortgage here in Utah, as well as across the nation. Few realize that they can very easily pay down that mortgage with a loan at a much lower interest rate, as little as 6%.
Even Utah Community Credit Union is offering a 6.75% rate on a ten year loan with many closing costs waved.
read comments (2)
August 13th, 2007 at 7:09 pm
The problem with the HELOC is that it’s a shorter period of time - usually 10 years instead of 30. That means your payments may be too high for your budget, even if you are paying less money over the life of the loan.
August 14th, 2007 at 5:57 am
I think people sometimes think of HELOC’s as a piggy bank and forget they still have to repay money they’ve already paid on a loan.