I just checked my banks website and I'm still running at a high rate. Does it only adjust after my next payment cycle? they are offering a fixed option for a full point and a half less but I can't see why they would offer that unless they expect my adjustable to go even lower in the short term. Is it time to go to a new bank or wait and see if my own rate is lowered given the market?
2007-09-21 08:18:42 · 5 answers · asked by sebastianald 1 in Business & Finance ➔ Renting & Real Estate
i have had HELOCs that adjusted daily, HELOCs that adjusted monthly, and HELOCs that adjusted quarterly. It just depends on what is specified in your loan agreement.
2007-09-21 08:27:21 · answer #1 · answered by Homer J. Simpson 6 · 1⤊ 0⤋
Roll the whole thing into a 30 year fixed now that the rates are low. If you qualify you can get conforming rates under 6%
2007-09-21 08:28:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Whether or not your HELOC will adjust downwards will depend upon the index that it's linked to. If the index it's linked to goes up, so will the rate on your HELOC. Most are not tied to the prime rate, but some other index such as the LIBOR.
2007-09-21 08:35:22 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 2⤋
This depends on the lending institution and what index they are linking the interest rate to. Your lending institution should be able to advise you when (if?) your interest rate will come down. It may be wise to lock in at the lower rate, depending on what you are paying now.
2007-09-21 15:53:04 · answer #4 · answered by godged 7 · 0⤊ 0⤋
It can take up to 2-3months, and it's up to your bank to even change it.
Some banks change it in the next pay period.
2007-09-21 08:24:43 · answer #5 · answered by Anonymous · 0⤊ 1⤋