Home Equity Line of Credit
from Charles Schwab
Featured FiDeal
HELOC for 3.49% and $500 Credit
Call it a market opportunity, a loss leader or a great deal, Charles Schwab is currently marketing a Home Equity Line of Credit starting at 3.49%. With the prime rate at 4.50%, talking to Chuck will get you a HELOC rate that is actually BELOW the yield on some short term CDs.
Get a HELOC from Charles Schwab for... a ridiculously low variable rate home equity line of credit.
Of course, it's tough to advertise any line of credit rate and this one looks too good to be true. Schwab wouldn't tell FiLife what percent of borrowers actaully qualify for the 3.49% rate, but you've got to guess from all the heat that mortgage lenders have been getting recently, that Schwab is at least backing up its bark with a few bites. And, since this HELOC is a variable rate based on the prime rate, the 3.49% will move if the Federal Reserve Board of Governors starts pushing up its target rate.
On top of the low rate, consumers can get $500 toward their prepayment penalty if switching from another HELOC. The Schwab account has no required drawdown, no prepayment penalties, and no fees. The minimum credit line for this offer is $50,000 and max of $3,000,000. The line of credit has a 10-year draw down and 20-year repayment period.
While mortgage rates are climbing - even on short-term adjustable rate mortgages - this HELOC is still down in the basement. If you have any need for home equity financing, it's worth talking to Chuck.
About Home Equity Line of Credit
Offereed by the Charles Schwab Bank unit of San Francisco-based discount broker Charles Schwab, a Home Equity Line of Credit from Schwab features very competitive interest rates and minimum fees for opening the account. As of 7/29/2008, the account featured a low rate of Prime minus 1.01%, or 3.99%.
Home Equity Line of Credit Reviews
ive enjoyed the no penalty payments or hidden fees. the rates are also very low id definitely looking into HELOC
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