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Home Equity Rates

Home equity loan rates are still low. However, they're not expected to stay as low as they currently are for a long time. As the housing market's home values rise and fall, so do interest rates. It is best to seek one of these loans while the rates are at an optimal low. Home equity rates are determined by a combination of the Prime Rate and a margin. In order to qualify for one, applicants need to have at least 20% equity in their home, as well as meet the lender's credit criteria. Interest rates for this type of loan depend on credit scores, credit history and several other individual criteria. Since they also vary greatly in interest rates and terms, it is essential to compare rates before signing the papers for any home equity loan.

Home equity loans are often sought by people who want to consolidate credit card debt or need money immediately for one large expense. Many lenders offer a fixed home equity loan rate. The loan sum is paid upfront to the borrower. Interest benefits may qualify as a tax deduction for some individuals. A home equity line of credit is similar to a home equity loan. The main difference is that a home equity loan provides the money upfront in one sum, while the line of credit allows the borrower to take out smaller amounts as needed. A line of credit is perfect for those who are improving their home, consolidating debts or paying intermittently for a wedding or other large expense. Home equity line of credit rates may be variable or fixed. The rate depends on individual lenders' policies and the options they offer.

Researching lenders, reviewing their websites and gathering data is a tedious process. To make the task of finding the best home equity loan rate easy, use MortgageFindersNetwork.com. They make finding the right loan quick and simple. Their extensive database of reputable lenders is searched to match each inquirer's criteria with the best rates available. This option is much more efficient and convenient than spending hours doing research. MortgageFindersNetwork.com does not have any loyalties or connections to any lenders. They're simply a site created for the convenience of individuals in search of a good equity home loan rate.

MortgageFindersNetwork.com understands that the confusing loan process makes many people nervous. Stepping into it without knowledge of what should be expected may feel like walking through a dark room. This is why MortgageFindersNetwork.com sheds light on the process by educating site visitors about various questions that will arise during the loan process. The most advantageous aspect of the site is how easy it is to compare home equity loans rates. After comparing rates on this site, it is also important to compare the best lenders' loan terms. Getting the best rates is the first and most crucial step in the process. With a list of the best rates, it is much easier to compare the various lenders' terms. Prospective borrowers may then choose which of the low-rate lenders has the best payment plans, rewards programs or other desired advantages.

National Rate Averages

Mortgage Rates

Home Equity Rates

Product Rate
HELOC 4.891%
Home Equity
Loan - 10 yrs
6.701%
Home Equity
Loan - 15 yrs
6.905%
* Updated Jun 8, 2012