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The average HELOC payment will DOUBLE or even TRIPLE once the repayment phase starts
HELOCs have variable interest rates, based on Prime, which has average 8.00% over the last 50 years!
If you’ve only been making the interest-only payment, the balance isn’t going down.
Evergreen Mortgage can help you fix your HELOC payment for good!
Home Equity Lines of Credit (HELOCs) are great financing options…for the short term. The “draw period” only requires interest-only payments, so you’ve likely been enjoying a low payment for quite some time, but it lasts for 10 years (or less). Once the “repayment period” starts, you could be looking at a much higher payment.
Evergreen Mortgage is a Utah-based Mortgage Broker. If you live in Utah, and need help refinancing, we'll come to you.