Birdwatch Note Rating
2023-04-20 20:30:14 UTC - HELPFUL
Rated by Participant: 9403EC2C0517BFCCCFBE7BC5269DFC69ECEA30E25C47051FF3F5CD9DDCCC5223
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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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