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My accountant swore I'd save big with a HELOC over a personal loan
He told me the interest would be half what I'd pay on a signature loan for my home renovation. Ended up paying $1,200 in closing costs and a variable rate that jumped 3% in 8 months. Anyone else get burned by that 'cheaper than a personal loan' pitch?
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morganhill2d ago
Wait, $1,200 in closing costs just to borrow money? That's insane, I had no idea HELOCs came with that kind of upfront junk.
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aaronclark2d ago
Yeah it totally stings, I felt the same shock when I saw those fees on my first one.
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mila_flores82d ago
$1200 is actually pretty reasonable when you consider all the title work and appraisal fees they have to eat, what do you expect them to do it for free?
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