Adjustable rate home equity loans
Adjustable rate, home equity loans can confuse borrowers
By HELEN HUNTLEY, Times Personal Finance Editor
Published November 12, 2006
If you have an adjustable rate mortgage or home equity loan, do you understand its terms? Do you know how high your interest rate could go up and how soon that could happen?
Are you sure?
Researchers at the Federal Reserve say many homeowners with adjustable rate loans underestimate how much their interest rates can change or are clueless in the matter. The problem is worse for households with below-average incomes and education
