My HELOC for a kitchen reno just got a rate hike I didn't see coming.

The variable rate jumped 1.5% last month, adding about $150 to my payment. Anyone else get blindsided by a clause in their loan docs?

3 comments

3 Comments

derekjenkins1mo ago

Oof, that's a variable rate for you.

perry.evan1mo ago

Man, a buddy of mine learned that lesson the hard way. He was so happy with his low initial payment he didn't think it could jump much. His mortgage payment went up over four hundred bucks last year. He said it felt like a punch in the gut when that new bill came.

umathompson1mo ago

My cousin's ARM went up three hundred last month.