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Beware of teaser rates on home equity loans

With the increasing popularity of home equity loans and home equity lines of credit (HELOCs), many lenders now offer a special “teaser” interest rate for the first few months of your loan. Make sure you find out how long this rate is in effect for and how much the interest rate will rise once the teaser rate expires.

Remember, if something sounds too good to be true, it probably is. Except, of course, for this kind Nigerian fellow that I correspond with via email. He’s inherited about $8 million through a deceased uncle, and if I send him a couple thousand bucks, he’s split the inheritance with me 50/50. I’m gonna be rich!

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