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Have Home Equity and Mortgage Rates Bottomed? Image Copyright: BestCashCow

Have Home Equity and Mortgage Rates Bottomed?

Long-term interest rates present a real conundrum here.    10-year rates have fallen from 3.05% to as low as 2.35% over the last six months.   Fears of a global recession and Brexit uncertainty have caused money ... Read →

When Not to Draw on Your Home Equity Line of Credit Image Celebsiren.com

When Not to Draw on Your Home Equity Line of Credit

For many years, we have written about appropriate and inappropriate reasons to have a home equity line of credit.   In particular, home equity lines of ... Read →

Home Equity Lines of Credit Can Be Effective Financial Planning Instruments for the Affluent

I have plenty of friends who have paid off their mortgages and loans as soon as they came into money, and vowed, ever since, never to take out another loan in their lives.

While that sentiment may bode well for those of extraor... Read →

Boomers: Tap Equity for Retirement Funds

For boomers, this is a great time to consider taking out a home equity loan (HEL) or home equity line of credit (HELOC).

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Applying for a Home Equity Loan? Do This First Image artur84 at FreeDigitalPhotos.net

Applying for a Home Equity Loan? Do This First

Here are the four steps to take before applying for a home equity loan.

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Home Equity Loans - Using the Internet Image Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Home Equity Loans - Using the Internet

The internet can be a valuable resource for finding the right home equity loan. Whether you need to check rates, compare terms and fees, or apply for a loan, your entire search can easily be conducted from the privacy of your own home.

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Differences Between a Home Equity Line and Loan Image Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Differences Between a Home Equity Line and Loan

There are basically two types of home equity loans: a home equity loan (HEL) or a home equity line of credit (HELOC).

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Six Helpful Tips for Home Equity Borrowers Image Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Six Helpful Tips for Home Equity Borrowers

As a homeowner, you have probably received offers in the mail to apply for a home equity line of credit (HELOC) or a home equity loan (HEL). If handled properly, these types of loans can provide you with additional funds. To assure that you are getting the best deal, here are some tips you will want to consider before selecting the right loan program.

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How Can I Qualify for A Home Equity Loan? Image Image courtesy of Stuart Miles at FreeDigitalPhotos.net

How Can I Qualify for A Home Equity Loan?

Most financial institutions will let you borrow as much as 70%-80% of the loan-to-value (LTV) ratio of your home less any outstanding mortgage debt on your property.

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Repayment Options for Your Home Equity Loan Image Image courtesy of fantasista at FreeDigitalPhotos.net

Repayment Options for Your Home Equity Loan

Several factors can come into play when trying to select the right home equity loan. Each lender can set their own terms and rates and the repayment plan can also vary from lender to lender. Make sure you choose a loan with a repayment schedule that works for your situation.

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Five Things to Consider When Shopping for a Home Equity Loan Image Image courtesy of renjith krishnan at FreeDigitalPhotos.net

Five Things to Consider When Shopping for a Home Equity Loan

Before you rush to apply for a home equity loan, you will want to give serious consideration to how you intend to use the funds, since you are using your home as collateral.

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What is a Home Equity Loan? Image Image courtesy of hywards at FreeDigitalPhotos.net

What is a Home Equity Loan?

A home equity loan is a loan in which the borrower uses the equity in their home as collateral. Your home's equity is equal to its market value minus any mortgages or other liens owed on it.

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Home Equity Line of Credit Versus Credit Cards Image Image courtesy of jk1991 at FreeDigitalPhotos.net

Home Equity Line of Credit Versus Credit Cards

While both sources of financing - home equity lines of credit and credit cards - are revolving, or open-ended, and therefore can be used for the same types of expenses, it is important to know the differences between them so you can use them as wisely as possible.

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Home Equity Glossary Image Image courtesy of stockdevil at FreeDigitalPhotos.net

Home Equity Glossary

Here are some commonly used home equity terms.

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What is a Home Equity Loan Going to Cost You Image Image courtesy of fantasista at FreeDigitalPhotos.net

What is a Home Equity Loan Going to Cost You

While home equity loan products can offer money-saving opportunities for homeowners, attractive interest rates can be offset by the added expense of fees and/or closing costs. When comparing lenders' rates, be sure to find out if there is a discount for having the lender pay closing costs.

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Featured - Home Equity Line Of Credit Rates 2022

Lender APR (%)? Monthly Payment? Learn More
New American Funding
New American Funding
0.000 %
$0 Learn More
More Info
Bethpage Federal Credit Union
Bethpage Federal Credit Union
Intro APR
6.490 %
After Intro: 7.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
AimLoan.com NMLS#2890
AimLoan.com NMLS#2890
0.000 %
$0 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
6.490 %
$0 Learn More
More Info