Home Equity Line of Credit - FreeLoanComparison.com

Type of Loan:

Loan Purpose:

State:

Loan Urgency:

Property Type:

Credit Rating:

November 21, 2008

Current Rates

52-Wk High

Fed Funds:

1.00%

4.50%

Prime Rate:

4.00%

7.50%

LIBOR:

2.15%

5.15%

30-yr Mortgage:

6.14%

6.61%

15-year Mortgage:

5.84%

6.22%

5-year ARM:

5.94%

6.14%

Jumbo Mortgage:

7.68%

7.89%

Home Equity Loan:

5.03%

6.96%

* Base rate posted by 75% of the nation's largest banks.

Source: Reuters, WSJ Market Data Group, Bankrate.com

Home Equity Line of Credit: What You Should Know!

More and more mortgage lenders are offering home equity lines of credit. By using the equity in your new home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low.

Furthermore, under the tax law--depending on your specific situation--you may be allowed to deduct the home mortgage interest because the debt is secured by your home.

If you are in the market for credit, a home equity line of credit may be right for you. Or perhaps another form of credit would be better. Before making a decision, you should weigh carefully the mortgage fees and costs of a home equity line of credit against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risk. And remember, failure to repay the amounts you’ve borrowed, plus interest, could mean the loss of your home.

Other Mortgage Loan Options

For more helpful mortgage tips on mortgage refinancing, home loans, reverse mortgages or a home equity line of credit, contact FreeLoanComparison.com today!

Last update: November 14, 2008