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-   -   "Margin would be 1.125% over Prime" (http://forums.pelicanparts.com/off-topic-discussions/476822-margin-would-1-125-over-prime.html)

HardDrive 05-27-2009 07:59 PM
"Margin would be 1.125% over Prime"
 
Am I understanding this correctly? If prime is currently 3.25, we get a interest rate of 4.375% on a HELOC? That seems insanely cheap.

Rick Lee 05-27-2009 08:32 PM
The bank is making the same money regardless of prime. They tack on their margin and that's their take. They get the money for whatever prime or the discount rate is. That's how the market is these days.

Radioactive 05-27-2009 10:08 PM
My HELOC from Charles Schwab is 1 point back of prime currently 2.25 with no floor. I guess they didn't think rates would go that low. Currently the floor for new HELOC's is 3.99pct


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