fliprent

In another attempt to fend off a recession yesterday, the Feds once again cut short term interest rate 1/4 point to 2 percent.  While this may not affect mortgage rates it does however affect Home Equity Lines Of Credit (HELOC).  These lines of credit are normally tied to short term rates vs. the long term rates that affect a traditional mortgage.  These short term rates are also typically lower.  Many property owners have benefited from the recent rate cuts.  It’s a good time to pay down your lines if credit.  One way is to continue making the same payments from before and applying the extra directly to principal.  However, there may be a better way to take advantage of these rate cuts.

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