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  • May 10, 2008 at 10:05 PM #202391
    HLS
    Participant

    FSBO…

    I believe that you are misunderstanding some part of their offer to you.
    You are saying that they are offering you a fixed 2nd at 4.50%? Fixed for how long ?

    I could understand if it was a HELOC offer, but those are adjustable, not fixed. There are HELOC’s today that have adjusted to below 4%, but I don’t know of any new lenders offering them that low for new origination.

    If it is true, take out the maximum amount that you can and pay down as much as possible on your 1st.

    Something doesn’t make sense. Care to elaborate ?

    May 11, 2008 at 10:12 PM #202523
    fsbo
    Participant

    Thanks, HLS. I will double check with the lender tomorrow and share more details.
    The offer letter mentions it’s Home Equity Loan, Fixed Terms (up to 25 Years), No cost. We are thinking about using it to pay off our 2nd mortgage which has higher interest rate.
    .

    May 11, 2008 at 10:12 PM #202569
    fsbo
    Participant

    Thanks, HLS. I will double check with the lender tomorrow and share more details.
    The offer letter mentions it’s Home Equity Loan, Fixed Terms (up to 25 Years), No cost. We are thinking about using it to pay off our 2nd mortgage which has higher interest rate.
    .

    May 11, 2008 at 10:12 PM #202594
    fsbo
    Participant

    Thanks, HLS. I will double check with the lender tomorrow and share more details.
    The offer letter mentions it’s Home Equity Loan, Fixed Terms (up to 25 Years), No cost. We are thinking about using it to pay off our 2nd mortgage which has higher interest rate.
    .

    May 11, 2008 at 10:12 PM #202620
    fsbo
    Participant

    Thanks, HLS. I will double check with the lender tomorrow and share more details.
    The offer letter mentions it’s Home Equity Loan, Fixed Terms (up to 25 Years), No cost. We are thinking about using it to pay off our 2nd mortgage which has higher interest rate.
    .

    May 11, 2008 at 10:12 PM #202657
    fsbo
    Participant

    Thanks, HLS. I will double check with the lender tomorrow and share more details.
    The offer letter mentions it’s Home Equity Loan, Fixed Terms (up to 25 Years), No cost. We are thinking about using it to pay off our 2nd mortgage which has higher interest rate.
    .

    May 11, 2008 at 10:17 PM #202533
    HLS
    Participant

    FSBO..
    Isn’t there some fine print at the bottom or on the back of the letter ??

    That is normally required, so the terms should be clear.
    You shouldn’t have to call to find out the details.

    May 11, 2008 at 10:17 PM #202579
    HLS
    Participant

    FSBO..
    Isn’t there some fine print at the bottom or on the back of the letter ??

    That is normally required, so the terms should be clear.
    You shouldn’t have to call to find out the details.

    May 11, 2008 at 10:17 PM #202605
    HLS
    Participant

    FSBO..
    Isn’t there some fine print at the bottom or on the back of the letter ??

    That is normally required, so the terms should be clear.
    You shouldn’t have to call to find out the details.

    May 11, 2008 at 10:17 PM #202630
    HLS
    Participant

    FSBO..
    Isn’t there some fine print at the bottom or on the back of the letter ??

    That is normally required, so the terms should be clear.
    You shouldn’t have to call to find out the details.

    May 11, 2008 at 10:17 PM #202667
    HLS
    Participant

    FSBO..
    Isn’t there some fine print at the bottom or on the back of the letter ??

    That is normally required, so the terms should be clear.
    You shouldn’t have to call to find out the details.

    May 12, 2008 at 12:38 AM #202553
    cooperthedog
    Participant

    The lowest national rate I’ve seen is at Schwab. It is a HELOC, not a loan, and its “fixed” at Prime minus 1.01% (currently 3.99%). I would assume that your home equity loan is probably a HELOC and/or has some unusual terms. If it is a loan, please let us know what bank is offering such a deal.

    May 12, 2008 at 12:38 AM #202599
    cooperthedog
    Participant

    The lowest national rate I’ve seen is at Schwab. It is a HELOC, not a loan, and its “fixed” at Prime minus 1.01% (currently 3.99%). I would assume that your home equity loan is probably a HELOC and/or has some unusual terms. If it is a loan, please let us know what bank is offering such a deal.

    May 12, 2008 at 12:38 AM #202626
    cooperthedog
    Participant

    The lowest national rate I’ve seen is at Schwab. It is a HELOC, not a loan, and its “fixed” at Prime minus 1.01% (currently 3.99%). I would assume that your home equity loan is probably a HELOC and/or has some unusual terms. If it is a loan, please let us know what bank is offering such a deal.

    May 12, 2008 at 12:38 AM #202649
    cooperthedog
    Participant

    The lowest national rate I’ve seen is at Schwab. It is a HELOC, not a loan, and its “fixed” at Prime minus 1.01% (currently 3.99%). I would assume that your home equity loan is probably a HELOC and/or has some unusual terms. If it is a loan, please let us know what bank is offering such a deal.

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