Fast-growing home-equity loans prompt warning
‘Homeowners could run into financial hot water with today’s new breed of home-equity lines of credit.
Lenders are making home-equity lines of credit easier to use. But the FDIC warns that this flexibility also could lead to trouble. Home-equity credit lines typically charge variable rates and most of the world currently expects interest rates to rise. Rising rates could spike increases in monthly payments and/or your loan balance as well as a drop in home values.
Bottom line: You could lose your home if you can’t make payments….’
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