--
..... loans
saving borrowers lots of money. Your lender
will also discuss various interest rate
options with you as well.
Factors that determine the interest rate on
your
home
equity loan
are your credit scores and the amount of
equity you wish to borrow. The higher your
credit score the lower your interest rate
will be on your
home
equity loan.
Loan to value is important too. If you have
a home worth $500,000, a first mortgage of
$300,000, and are borrowing $100,000 for
your
home
equity loan
you have a combined loan to value of 80%
which qualifies for a lower interest rate
than a combined loan to value of over 80%
(the lower the combined loan to value the
lower the interest rate).
Now
that you have some of the
home
equity loan
basics, pick up the phone and call your
lender to get started on your new
home
equity loan.
