Rate Comparison

Home Equity Loan Interest Rate Comparison

Interest rates vary from one loan to another. Check with several lenders for the lowest rate. The annual percentage rate (APR), indicates the cost of credit on a yearly basis. The APR for home equity credit lines is based on interest only.

A true comparison of costs require a comparison other charges, such as points and closing costs. If you are comparing a home equity credit line with a traditional installment (or second) mortgage you'll want to know the total credit costs for the loan.

Ask several lenders for the type of interest rates available for the home equity plan. Your find that most home equity credit lines have what are called variable interest rates.

Depending on the loan program variable rates may initially allow for lower monthly payments over a set period of time, after which payments may change.

Fixed interest rates may be slightly higher by comparison while offering the stability of fixed monthly payments over the life of the credit line. See the Mortgage Rate Index.

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