|
|
Article: Equity-Line Promotions not Always Upfront
- Article from:
- Chicago Sun-Times
- Article date:
- April 21, 1995
- Author:
CopyrightCopyright 1995 Chicago Sun-Times. (Hide copyright information)
|
Home equity-line promotions are filling mailboxes and newspapers
nationwide this spring, offering temptingly low, tax-deductible
"teaser" rates, minimal or no fees and zero closing costs.
But smart-shopping consumers should do more than simply read the
fine print evaluating competing equity-line offers. That's because
the advertising disclosures alone may not tell you everything you
need to know to make an intelligent decision.
First thing to remember: The bargain-basement rate that gets the
big, bold print - "Prime plus 0 percent," "Prime plus 1/2 percent" -
may not be what you get. Most major banks and mortgage firms that
market equity lines reserve their big-headline rates solely ...