I have a home equity line of credit, for which I have had trouble making large payments against since my career change. I'm wondering if I should be concerned over the interest charges, and if there is anything I can do to improve it?
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HELOCs typically have a 10 year draw and 5 year payback. During the draw time you can pay interest only if you wish. The rate can range from Prime minus 1.5 to Prime plus (quite a bit). Of course, you can always shop around for a better deal than you currently have so long as you have equity in your home. |
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