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My broker said the HELOC rate was fixed, but the fine print showed a 2% jump after 5 years.
I was looking at a home equity line for a kitchen reno in Austin, and the initial offer looked solid. I read every page and found a clause that would have added over $200 a month later on. Has anyone else caught a sneaky rate change buried in their loan papers?
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barnes.karen7mo ago
A two percent jump after five years is the kind of detail that pays for a broker's vacation. Good on you for actually reading it all. That's how they get you, counting on the paperwork fatigue. My cousin got caught by a similar trick with an auto loan, and it took him years to dig out.
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bettywood7mo ago
Tell me about it, @barnes.karen. My old mortgage had a nasty little clause like that buried on page seven.
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skyler1907mo ago
Ugh, it's everywhere now. They hide the real cost in the terms for everything, even phone plans and gym memberships. You have to read every line like it's a trap.
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