Toronto Family's HELOC Debt Reaches $400000 Despite High Income
A Toronto caller to The Ramsey Show revealed a $400000 HELOC debt on a $2.5 million home, despite $500000 annual income, prompting host advice on spending and repayment.
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Latest reporting and analysis tagged with HELOC.
A Toronto caller to The Ramsey Show revealed a $400000 HELOC debt on a $2.5 million home, despite $500000 annual income, prompting host advice on spending and repayment.
HELOC rates dropped sharply to 7.44%, a three-year low, after a major lender resumed promotions. Analyst Ted Rossman notes a volatile two-week period and a general falling-rate environment.
Average rates for home equity lines of credit and loans remain near 7.5%, offering homeowners an affordable way to access cash without refinancing primary mortgages.
National average HELOC and home equity loan rates have fallen to 7.25% and 7.56% respectively, making them more affordable for homeowners with high equity.
National average HELOC and home equity loan rates have fallen closer to 7%, reaching their lowest levels in years, according to recent data.