Is it possible to get a lower interest rate than 3.75% on a HELOC?
Our first mortgage is paid off, we are just paying off the home equity loan and wanted to reduce the interest rate.
Answers | 1
May 30, 2017
Prime is 3.75% now, so to get a HELOC at 3.75% would basically mean you're borrowing at prime rate. It's highly unlikely a lender will go lower than prime, unless it's just for a short period (such as first year of the loan). If you can get 3.75%, you're good to go.
Asked by Charles Jones
Answered by Mark Haynie
Mortgage Professional in Los Angeles, CA
Based on the 2.5% rate of your HELOC, it appears to be PRIME -.75%, which is a pr...
Asked by Jason