Birdwatch Note Rating
2023-04-22 20:13:12 UTC - HELPFUL
Rated by Participant: 310646FB7008CE89B266DA04D9225B7FB1A82258CD870F8C0DF44E987AA0C34C
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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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