T is going to kill me! 
The Home Equity Line of Credit that we have out on our rental property is supposed to be a variable (currently 3.74%??) interest rate. Because a variable rate would keep me up at night, I opted for a fixed rate. In the beginning the payment was so high that we had to do a fixed Interest Only rate (Dumb, I know. But at the time we thought real estate was a win-win situation and that the value would forever be increasing and never going down. Hah!) As the rates have come down, it became affordable enough for us to do a fixed Principal and Interest payment. Each time we "fix" the rate, we need to "unfix" what it was previously and pay a $100 dollar fee before we can lock it in again. This is now probably the 4th time I am looking to lock in at a new lower rate and each time I promise T it's the very last time! Of course the rates keep going lower and it just makes sense to pay that $100 because we make it back so quickly. So yes, here we are for the umpteenth time trying to fix the rate to 4.7%. We have to wait til the next billing cycle before we can lock in, so when Sept 10th rolls around interest rates better not have risen an inch!!
Refinance Home Equity LOC...AGAIN
August 30th, 2010 at 02:11 pm
August 30th, 2010 at 02:15 pm 1283177715
August 30th, 2010 at 02:17 pm 1283177838
But, it's a good thing. My parents always tell me the tales of their 18% mortgage. These rates will certainly pay off in the long run!
August 30th, 2010 at 02:31 pm 1283178681
Monkey- I've heard so many stories of high interest rates from family members, too. My mom was telling me she bought her first house and did the happy dance when she got a 10% flat rate. I can't imagine how insane my payments would be if it were at that rate. I would look but it might result in too many nightmares :P.