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Applying for A Home Equity Loan - What you Need to Know

efore you apply for a home equity loan, first decide if a fixed-rate home equity loan (HEL) or a variable-rate home equity line of credit (HELOC) will better suit your needs. While a home equity loan offers you a fixed interest rate for a set amount to be repaid over a specified period of time, a home equity line of credit is more flexible - you can borrow what you need up to your approved credit amount at a variable rate that can adjust.

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Low Rates Still Not Enough to Encourage Home Ownership

Mortgage rates may never be this low again. So why are the numbers of people looking for mortgage loans or refinance loans dropping?

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California Agency Offering Help for State's Homebuyers

California is one of the hardest hit states when it comes to the housing crisis. But their could be good news as the state is trying to help potential homebuyers.

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"First Look" Program Gives Communities a Heads-Up on Foreclosed Homes

The federal government is giving local jurisdictions first crack at the foreclosed homes in their communities. How will this new program work and will it benefit the housing market?

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Low Credit Scores Causing Problem for Home Loans

The FHA has issued new guidelines regarding credit scores and qualifying for mortgage loans. What do these new regulations means for you?

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What is the Prime Rate and How Does It Impact Home Equity and Credit Card Rates?

When looking for a home equity line, an auto loan, or a credit card, you may often run into the Prime Rate. Often, it is used as the benchmark to set these other product rates. What is the Prime Rate exactly and how is it set? The Prime... Read →

Small Banks are Lending

Smaller banks and credit unions by in large are lending and making loans at a much faster rate than thier national rivals. Here are some tips and facts about how to go about getting that loan.

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Shrinking Home Loans in New Plans from Federal Government

The Obama administration is always trying to think of new plans to help the mortgage industry. Will shrinking the home loans be an effective measure to take?

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Don't Fall for These Home Equity Loan Scams

Home equity scams are abundant in the mortgage industry. Here are a few that you should watch out for.

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Applications for Home Loans Continue Dropping

Subprime mortgages, the housing bubble and rising interest rates have plagued the industry. Now the number of loan applications is going down, too. How much more can the housing industry endure?

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Intro to Texas Lending Equity Laws

While this article is geared for people residing in Texas, others may be interested in the very different lending laws found in that state. By and large, the loan process, rules and regulations vary very little from state to state and if... Read →

Bankruptcy Revisited

Here is another look at the B word, bankruptcy, and how your lender treats it. If you have gone through a BK recently or are considering it, you may want to take a look at this.

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How Second Mortgages Were Marketed as Home Equities and Captured America's Hearts and Minds

Over the last twenty years, financial companies have marketed second mortgages as home equity loans and lines and made it acceptable to borrow against your house. Consumers eagerly gobbled them up.

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Featured - Home Equity Line Of Credit Rates 2024

Lender	APR (%)^?	Monthly Payment^?	Learn More
Third Federal Savings and Loan	Intro APR 7.240 % After Intro: 7.240 %	$0	Learn More More Info
Conditions… Variable APR of Prime minus 1.01% in all states. Min loan amount $10,000. Max loan amount $200,000. 30-year term. Annual fee waived for the first year. See conditions for guarantee at thirdfederal.com. Third Federal rate are typically 20% lower than other leaders Guaranteed Lowest Rate No closing costs, prepayment penalties, or minimum draw requirements 10 year draw period
Rate	Intro APR 8.250 % After Intro: 8.250 %	$25,000	Learn More More Info
A Guaranteed Rate HELOC is secured with your home as collateral, whereas personal loans and credit cards are not. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. Guaranteed Rate Home Equity Line is an open-end product where the full loan amount (minus lender, broker, third party, and governement fees, as applicable) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. Apply in 5 minutes, get your money in as fast as 5 days. Digital application experience. Funds directly to your bank account. No in-person appraisal needed.
AmeriSave Mortgage Corporation	0.000 %	$0	Learn More More Info
• Home Equity Loans & Refinance – Cash out • Customized rate quote with no impact to credit • Low Rates, Quick Approvals, Wide Range of Products • Over 100 Billion Funded. 22 Years in Business Home Equity Loans & Refinance – Cash out Customized rate quote with no impact to credit Low Rates, Quick Approvals, Wide Range of Products Over 100 Billion Funded. 22 Years in Business
Figure Home Equity Line	0.000 %	$0	Learn More More Info
The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. Fastest way to turn home equity into cash Flexible terms, redraw up to 100%, borrow $20k-$400k Approval in as little as 5 minutes. Funding in as few as 5 days. Use to consolidate debt or finance your next home project
New American Funding, LLC	0.000 %	$0	Learn More More Info
Cash-Out and Home Equity Options Available. Home Improvement, Buy a Vacation Home 303k+ positive reviews, A rating from the BBB Pay off higher interest rate credit cards, Pay college tuition 100% online mortgage application available
District Lending	0.000 %	$0	Learn More More Info
HELOC, HELOAN or CASHOUT REFI all available. No Lender Fees Fast Easy Over 20 Years Experience
Upstart	0.000 %	$0	Learn More More Info
1. APRs for initial advances range from 8.25% to 18.00% based on funded HELOCs as of September 2024. Your actual rate will depend on many factors such as your credit history, loan-to-value ratio, line amount, loan term, lien position, and property state. The lowest rates are only available to the most qualified applicants. The APR is variable, but the APR that will apply to each draw will be fixed on the date the draw is made. 2. As of October 2024, 10% of funded HELOCs achieved a closing timeline of 6 days or less and a funding timeline of 10 days or less. This timeline assumes consumers close with our remote online notary, provide supporting documentation promptly, and ensure the information provided is accurate and consistent with our verification process. Delays, discrepancies, and other unforeseen factors may impact the closing timeline. MBA’s 2024 Home Lending Study reports an average industry closing time of 31 days. 3. A Home Equity Line of Credit has a variable rate. The APR may change, but the APR that will apply to each draw will be fixed on the date the draw is made. Your APR will be the Prime Rate at the time of draw plus a margin fixed for the life of the HELOC. As low as 8.25% APR on your initial draw* Get your money up to 5x faster than the industry standard* Fixed rate on each draw* No paperwork needed to apply