Birdwatch Note Rating
2023-04-16 21:21:29 UTC - HELPFUL
Rated by Participant: B3A13750B50139617B15DD4E077F25BC3EE8F75D1EF47D31B943A412F59B3D2E
Participant Details
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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