Quote:
Originally Posted by ken0042
Right, but with the $1302 payment, absolutely nothing goes towards principal, so there is also no penalty to make yourself end up years behind in paying off your house. Bottom line is 6.25 is a worse rate than 5.89
To answer the OP's question, last week when I was looking the best I could find for 5 year was 5.97%.
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Yeah i mentioned that in the first part of the post. Also if you think mortgage rates are going to fall which they might do, you can also go from the LOC to a mortgage at any time.
This isn't the product for everyone and it's actually harder to qualify for a LOC then a mortgage since it's revolving credit. hmmm just talked with my mortgage broker and he is doing 4 LOCs for every mortgage.