James B. Nutter & Company has been cautioning people regarding the riskiness of Home Equity Line of Credit loans for some time.
Since short term interest rates are beginning to climb, these loans may have significant increases in their payment in the future. Now is the time to combine your first and second mortgages into a low fixed rate with Nutter.
The Federal Reserve has hinted at the possibility of raising the interest rate more than one time in 2018. If that happens, people who have these types of loans may find themselves with payments on their HELOCs for which they were not prepared. At Nutter, we have always felt that one loan was better than two and these are the times that bear that out.
Don’t wait for tomorrow! Today, interest rates on fixed rate mortgages are still at very low levels, but the Federal Reserve’s actions may affect them eventually. You don’t want to miss this opportunity to consolidate your bills into one easy peasy payment.