Chitownproperty

Rising interest rates are also causing headaches for homeowners who have taken our variable home equity lines of credit. The previously cheap source of money is now becoming more expensive, and many borrowers are trying to decide whether to keep the line open or pay it off from their savings or investments. Tony Proctor from the Sun-Times suggests paying it off if the rate reaches 7 percent, comparable to the 7 percent one could expect to earn on a typical investment.