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Friday, March 20, 2009

I wanted to lock in my variable rate mtg on my Equity Line of Credit with Bank of America to a fixed rate.

Anonymous said...
I wanted to lock in my variable rate mtg on my Equity Line of Credit with Bank of America to a fixed rate. A called a couple of months ago and I was told I should wait until the prime starting going up and when it was at 8.0 would be the time to lock in. I called two days ago when interest rates were down to 4.74%. I was told that to lock in my rate as a fixed rate, I'd have to pay 9.59%. That seems completely unfair. I can see the rate being 2@ higher or may 3% but not 5%. Who can I report this to for help?

March 19, 2009 6:58 PM

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