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Article: Rising equity line rates
- Article from:
- Pacific Sun
- Article date:
- April 28, 2006
- Author:
CopyrightCopyright Pacific Sun Apr 28-May 4, 2006. Provided by ProQuest LLC. (Hide copyright information)
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FOCUS ON FINANCE
If you have one, and especially if you have any money drawn on it, you have watched your equity line interest rate increase steadily since mid-2004. In fact, you have probably seen your rate almost double, with an increase of 3.75 percent! And the current sentiment is you can expect another .25 to .5 percent increase in the not-too-distant future. For many who have money drawn on their equity line this means their payment has doubled in less than two years. This is tough to swallow. I know. I get the phone calls. Fortunately, there are some things you can do to stabilize, if not lower, your monthly cost.
Some people are a little confused about exactly what an equity line ...