Home Equity Loan Rates

Home Equity Loan Rates and Line of Credits are at times much different than the standard 30 year fixed rate mortgage.  Unlike their counterparts, they are not based on the 10 yr treasury bond at all.  Home Equity Loan Rates are actually based more on short term Prime rates, which is a rate set by the Fed.  Although lines of credit are variable, the Home Equity Loan Rates are a locked in rate substitue.  Typically lines of credit start as a variable, then when their locked options are utilized, they convert into a Home Equity Loan automatically.  Generally, these loans are not amortized over 30 years, generally 10 - 20 year (120 month to 240 month) terms are offered, and are thought of as more of a shorter mortgage loan. 

Depending on your goals and your budget, the easier access and options offered by Home Equity Loans, may be the solution for you.