Jumping into the train wreck

[theamazinglammy]

Tonight I'm driving up to Vermont so I can sign papers with my Mom for a Home Equity Line of Credit on Monday morning.

I guess I'm just going to leave it at that. All I'll add is that I've examined and researched the situation pretty closely, and I feel secure in what I'm doing with this and that I'm making a good decision.

This financial train

Comments

[mechromancer]

What kind of rate are they giving you?
The home eq. loan that I got for the kitchen three years ago was 6.5% fixed.

[theamazinglammy]

They've offered me 0.15% above prime, which can vary over time. Prime has averaged 6.66% over the last 10 years, and that combined with the fact that I don't think that I'll take more than 5 years to pay it off makes me feel like it's a pretty good deal.