Man this $500 HELOC fee from 2008 still stings

Back in 08 I took out a home equity line of credit to redo my kitchen. Thought I was being smart but that origination fee was like $500 and I barely used the line before rates changed. Ended up paying almost as much in fees as I saved on interest the first year. Anyone else get stuck with a HELOC that just wasnt worth it?

2 comments

2 Comments

jessica_hall4914h ago

Ngl that fee still stinging 16 years later is rough.

faith6848h ago

Heard a finance podcast talk about this recently, they said HELOCs are basically a trap for anyone who doesn't need the cash right away. @jessica_hall49 honestly 16 years later I still get annoyed thinking about my own bank fees from back then.