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Updated about 10 years ago on . Most recent reply

Noel Fleming Jones's profile image
Noel Fleming Jones's profile image
Noel Fleming Jones
  • from Bradenton, Florida
  • Member since Aug 27, 2014
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Noel Fleming Jones's profile image
Noel Fleming Jones's profile image
Noel Fleming Jones
  • from Bradenton, Florida
  • Member since Aug 27, 2014
Connect
Noel Fleming Jones
  • Bradenton, FL
1
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24
Posts
Private Lending & Conventional Mortgage Advice

Equity line of credit payments

Noel Fleming Jones
  • Bradenton, FL
Posted

I applied for about a 95k equity line on my rental property today and the loan officer said I'd have to pay $340 a month interest on the line even if I have no draws against it.  

Either I misheard him or one of us is confused--isn't that like saying you have to pay interest on your 20k credit card limit, even if you never use the card?

He must have been referring to interest costs if the whole 95k got deployed, right?

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