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Article: Equity-loan rates vary through city
- Article from:
- Chicago Sun-Times
- Article date:
- April 26, 1991
- Author:
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Copyright informationCopyright (null) Chicago Sun-Times. (Hide copyright information)
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If you are hunting for an affordable home equity loan or line of
credit, shop around - interest rates and fees vary widely in the
Chicago area.
Many home equity lines of credit currently offered by Chicago
area lenders are variable-rate loans with initial rates ranging from
9 percent to 12.75 percent.
In many cases the payments are interest only on the portion of
the credit line used.
"The downside on this loan is that the interest rate may rise,"
said Steve Stansbury, senior vice president of First Colonial Bank of
Downers Grove.
"In some cases the rate can be higher than market rates, and
monthly charges can fluctuate, making budgeting more difficult,"
Stansbury said.
Rate caps. ...
Related newspaper, magazine, and journal articles:
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Article: Home equity loan has its costly side
Chicago Sun-Times;
September 4, 1987 ;
491 words
......interest rates fixed at 0.5 percentage point to 3 percentage points above the prime...rate is a moderate 8.25 percent. However, if the prime...it did in 1980 to 21.5 percent from 11 percent, interest payments on a variable-rate home equity loan could jump ...
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