Home Equity Credit Line Rates
Lenders Nationwide has home equity credit line options for all types of borrowers. Refinance your home for payment reduction, cash out, debt consolidation or simply accessing additional cash. Refinance loans can be a valuable tool for many purposes. Get a traditional home equity loan refinance or consider a cashing in on your homeís equity through a 1st mortgage refinance while the interest rates are still below seven percent nationally.
Find a Local Broker or Mortgage Lender in your neighborhood! Search for lenders and shop interest rates with the top home mortgage lenders online. Get free quotes for home equity credit lines and consider our unique 2nd mortgage programs for bad credit, rate and term, debt consolidation and cash out.
Tax benefits of home equity credit lines
A home equity loan is also beneficial because the home equity loan rate charged is usually tax deductible, as the loan is used for its primary functions. You can use a home equity loan calculator to check what various home equity loan rates will mean for your monthly payments.
Home Equity Lines of Credit Rates
- Open-end home equity loan
- Revolving home equity line of credit
- Minimum loan amount: $25,000;
- Maximum loan amount: $500,000
- Variable rate linked to prime rate index
- 10-year Draw Period
- No Closing Cost option available
- Now available in all 50 states
- Home Equity Line Rates As Low As Prime Minus 1.125%
- 100% Stated Behind Neg-Am's With No Grossing Up The 1st Mortgage
- Stated Income HELOC Guidelines -
- Negative Amortization 1st Ok,
- No 1st Mortgage Gross Up
- No Asset Verification for Stated Income Or Full Documentation Home Equity Loans
- No Seasoning Requirements: Borrow Using Current Appraised Value.
- Dti's To 55% - Qualify At Interest Only Payments
Home Equity Rates As Low As 3.875%
This is based on a 30-year $100,000 10-year Variable Rate Home Equity Line of Credit at 3.875% interest rate (Annual Percentage Rate is 4.368%), 80% LTV, with 1 point due at closing. Standard closing costs and fees also applicable. The monthly payment on this loan is $1,135.58. If your loan includes an escrow impound account, any changes to the cost of your real estate taxes and insurance could affect your total monthly payment amount. After the initial 3 year, fixed-rate period, the interest rate will adjust every 6 months, based upon the "Index", which is the average of interbank offered rates for six-month U.S. dollar-denominated deposits in the London market ("LIBOR"). The new interest rate will be calculated by adding the margin to the "Index". The maximum interest rate during the term will not exceed 6% over the initial start rate. APR and rate may increase during the loan term. The rates offered are subject to change. Actual payments will vary based on individual client situation and current rates. Not available in all states. All loans are secured by a lien against real property and not all applicants will be approved. Annual Percentage Rate (APR) includes points, lender fees and some third party fees. Assumes excellent credit for all applicants, no cash out to the borrower, prepayment penalty where allowed, and full income documentation. Maximum loan limits and minimum equity/down payment requirements apply. Other restrictions may apply.
If 1st balance is greater than orig. loan amt. per credit report (i.e. If First mortgage has negatively amortized): Qualify 1st Mortgage Payment at 2% below life rate cap amortized over 30yrs + Property Tax & Hazard Insurance