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Article: RISING RATES\ COSTS FOR HOME EQUITY LINES, A BIG SOURCE OF FINANCING FOR HOMEOWNERS, ARE STEADILY INCREASING.(MoneyWise)
- Article from:
- The Cincinnati Post (Cincinnati, OH)
- Article date:
- September 20, 2005
CopyrightCOPYRIGHT 2005 The Cincinnati Post. All rights reserved. Reproduced with the permission of Dialog LLC by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Aleksandrs Rozens Associated Press
For Kim and James Merly, the home equity line of credit came in very handy -- it helped pay for their son's college education, a car and renovations of two rental properties.
Recently, the Fairfield, Conn., couple noticed their interest rate had jumped to 6 percent from the 4 percent they paid in January 2004 when they first opened the account. They decided it was time to pay off the credit line.
Homeowners nationwide have seen their home equity borrowing costs rise since the Federal Reserve began raising interest rates more than a year ago. Many, like the Merlys, now want to pay off the loans, which ...