I would be curious to know why the payments were going up after the rate went down. Technically, you were then paying more capital and your payments should have been decrease… strange

I have a HELOC for the past 4 years and I only pay lower and lower payment on it due to the interest rate decreasing

My ex- and I combined, over the forty-some years of our acquaintance, have had several variable-rate mortgages. Neither of us have ever had the payments go down. They always go up, even when the prevailing rates are lowered.

My latest (and decidedly my last) experience was with a HELOC for $25,000. The payments kept creeping upward. When I got the HELOC, the salesperson led me to believe it was capped at about 9 percent. At one point, I called the mortgager’s office and learned that wasn’t true: it could go as high as 21%!!!

Mercifully, the credit union approved a 30-year fixed second mortgage on my otherwise paid-off house. The payments were so much lower that I was left with enough from my cash flow to save up the amount needed to pay off the loan.

There’s no way I’d get a variable-rate loan again. Ever.