Birdwatch Note Rating
2023-04-18 20:44:47 UTC - HELPFUL
Rated by Participant: 77B0DF6B1701C8D5151CD7AC3986693629B734FB237F6C942E010690A73D4C7F
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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