Home Equity Loan

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home-equity-loans1A home equity loan is a fixed-rate loan with a fixed payment schedule based on the available equity in your home. You receive your loan money all at once and then pay it back in predictable, fixed monthly payments.

Rates on home equity loans run a few percentage points higher than a home equity line of credit (HELOC), but you have the added security knowing the rate and payment will always stay the same.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 06101, 0, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/23/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.750%
3.750%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # 13256
08/23/2019
at -0.250 pts
30 day lock rate
Est payment: $1,390
Fees in APR: ($663)
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/23/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






Home equity loans are usually tied to the Prime Rate published in The Wall Street Journal. The prime rate is also used to set credit card rates and auto loans.

At this writing the prime rate is 3.25 percent, which is down from 5.25 percent last year. Mortgage rates and home equity loan rates have been going down this past year because the economy is in a recession. Lower home equity loan rates are good news for home owners looking to tap into their equity.

Popular uses for home equity loans include:

  • Debt consolidation - Paying off higher interest credit card debt. Most credit card rates are in the double digits, whereas home equity loan rates are in the single digits as of April 8th, 2009.

  • Auto loan -  Rates on home equity loans usually run lower than auto loans.

  • Home remodeling - Tapping into your home equity is a good source of funds for updating or adding an addition onto your home.


Another added benefit of a home equity loan is you can take a tax deduction for some or all of the interest you pay on the loan. Before you get a home equity loan consult your tax advisor to find out what the tax deductions might be for you.
 
Author: Brian McKay
April 8th, 2009