Lady_Scarlet wrote:
Don't rob Peter to pay Paul - the HELOC is adjustable and if we go into a full blown recession interest rates will rise -- I remember mortgages at 14% and higher in the early 1980s.
Yep what she said......DON'T!
I remember when my parents bought a house in the late 70's or early 80's and the rate was 15% and that was Great at the time! I also remember when they refinance and got 8.5% they were in heaven.....today my parents are "hoping" the rates drop below what they have and they can refi to a lower rate......They are currently paying 4.75% on a 15 year with only 4 years left, so I think they will be hoping for a while yet!
Message Edited by tpgusmc on
02-09-2008 07:11 AM