When we obtained the example Equity Line, the today Investment Property was our Primary Residence.We've had a variable evaluate of maturity + 1 for 5 years. We've since moved from the concept and purchased a newborn home.We ease possess the property-but it is today a rental. Renewing the assign line. Current Bank(very reputable Bank) does not earmark you to reassert an HELOC on an assets property.We staleness renew the give at a immobile rate.Our bank(as belike most do) carries a such higher evaluate for a Fixed Rate-Investment Property-Equity Loan. I'm conversation 8.5%-10.5%. Because of our relation with the bank-no closing outlay involved-but these rates seem VERY broad to me. Are these rates in distinction with most another banks on Investment Equity Loans-or do we requirement to class it around? Thanks in ADvance for some help.
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