what is a decent interest rate on a HELOC (home equity line of credit). ? we have very good credit and our?

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household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I’m wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $ 500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?

3 Comments
  1. Reply
    gentleman
    April 29, 2011 at 9:21 pm

    this site help you to get home loans.it’s help ful to you hope
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  2. Reply
    Steve R
    April 29, 2011 at 9:31 pm

    You should have gone to your bank first. My bank gave me Prime – 1%. I got an additional .25% reduction in the rate for linking payments to the checking account.

  3. Reply
    demonic angel
    April 29, 2011 at 10:31 pm

    you definitely should have done research before going into any loan with any bank. Most banks are prime- 0.50% and you probably should have looked around for one that didn’t charge closing fees…..the good news is, do your research now, wait a few months and pay off this one with a more competitive offer.

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