Q: I have a variable Home Equity Line of Credit which is at 5.8%. This seems high with all of the low interest mortgages around. I have been remodeling my home with the HELOC and still have the kitchen to re-do. Would I be better off trying to find a lower rate at another bank or credit union?
A: You should consider shopping for a better line of credit. Start with the lender who has your current one; they might offer you better terms. Please know that lenders who hold second liens (like your home equity lender) face strong market risks at the moment, and so aren't in a big hurry to offer rock-bottom rates for new offers. Talk to your existing lender, but be prepared to scour your local market for other offers.
Should I refinance my Home Equity Line of Credit?
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