HELOC

Yes, I have a HELOC. However, I just got it in October 2007. Before I had a fixed rate home equity loan. It was somewhere in the 8% arena. I switched in October because the market started going south and they talked of interest rates going lower. Plus, the fixed rate home equity loan doesn't give you access to the money once you've paid it down. The HELOC allows you to re-access it when the need arises. Thus, the ability to fund a kitchen refacing. (-;

So, it was initially 9% and now it's down to 7.24% this week. The monthly amount keeps going lower. I guess it just goes to show that there is a way to play the interest when everyone might be flocking to the fixed rate loans. Those that flocked to soon aren't going to reap these types of benefits. Either way, it helps me with lowering taxes.