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Slackerous Maximus
Join Date: Apr 2005
Location: Columbus, OH
Posts: 18,162
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"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.
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2022 Royal Enfield Interceptor. 2012 Harley Davidson Road King 2014 Triumph Bonneville T100. 2014 Cayman S, PDK. Mercedes E350 family truckster. |
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05-27-2009, 07:59 PM
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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.
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2022 BMW 530i 2021 MB GLA250 2020 BMW R1250GS |
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05-27-2009, 08:32 PM
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Registered
Join Date: Oct 2006
Location: So-Cal
Posts: 428
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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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1987 Carrera |
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05-27-2009, 10:08 PM
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Only Porsche
Only bike
