Saturday, November 17, 2018

Home equity loan 2006

Nov. 17, 2018

Introduction


It is the time for me to review my person finance document. I like to share my experience with home equity loan.

The story


I opened a home equity line with $60,000 with interest rate 6.0% in December 2006 when I was in Florida with Amtrust bank, transferred $18,000 unpaid loan to home equity loan.

I closed the account in 2017 with New York community bank with balance $25,000 dollars.

I learned so many lessons through the life, the home equity loan was so important for me to survive. Since the interest rate went down to 2.0% (prime rate -1), US interest prime rate stayed 0.25% over years since recession from 2008.

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