HELOC - we switched

I am so happy! When we bought our house we weren't planning on buying a house yet (right before we got married) so we did the 80/20 split and took out the down payment in a HELOC from Chase. Variable interest rate

I have paid TONS over the minimum each month but it hasn't gone down a bit. Every Chase employee I spoke to gave me a different answer on how to pay off some of the principle...

I went to Teachers Federal and they wanted to charge $270 for an APPLICATION FEE!!!!! Then the smallest % was 7.5.

I went across the street to Commerce. Just had to pay $90 for title stuff and we are in - 6.9% FIXED. Why didn't I do this two years ago??

Re: HELOC - we switched

That is awesome! We did something similar. I refinanced our HELOC to a fixed one at Wamu, but it's 8%! I think that's crazy.
I definitely have to check out Commerce.
Did you just refi the HELOC, or did you combine everything into one mortgage?
TIA!

Re: HELOC - we switched

wow - we are in the exact same boat.

we have the second at Chase, and no matter how much over the min. I pay each month, the interest never changes.


I have to check out commerce.

Re: HELOC - we switched

Ours is with Chase too, and each month DH gets in a snit that it's not going down.

Re: HELOC - we switched

Commerce rocks, thats why