Birdwatch Note Rating
2023-04-18 18:55:47 UTC - HELPFUL
Rated by Participant: B28151536F8C174D2074791CA65A7CBE49A4C98A90E823430FC3C90E314B580B
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Original Note:
These payment estimates are deceptively low. A $50,000 loan at 1.5% interest and payments of $241/month would take 20 years to pay. https://www.bankrate.com/loans/loan-calculator/ Typical HELOC rates as of April 2023 are 7-8%. At 7% interest a $50k loan with $241 payments would take longer than 50 years to pay. https://www.forbes.com/advisor/home-equity/best-heloc-rates/
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