While home equity loan products can offer money-saving opportunities for homeowners, attractive interest rates can be offset by the added expense of fees and/or closing costs. When comparing lenders' rates, be sure to find out if there is a discount for having the lender pay closing costs.
While home equity loan products can offer money-saving opportunities for homeowners, attractive interest rates can be offset by the added expense of fees and/or closing costs. When comparing lenders' rates, be sure to find out if there is a discount for having the lender pay closing costs. Compare home equity rates.
The interest rates and fees on a loan can vary based on the amount you are borrowing plus how much equity you have available. Lenders may provide existing customers with special introductory or teaser rates which adjust upward after an initial period of time. Some fees to be aware of are:
Annual Account Maintenance
Application
Closing costs (may include credit report, appraisal, title search, flood evaluation, recording fees, attorney fees, and taxes in some states)
Loan origination (points)
Pre-payment penalty
Some competitive loan offers include no fees, no points, and no closing costs. Make sure all fees are disclosed upfront, and inquire how they will affect your final interest rate.
Also, some banks offer a relationship banking product, in which you get special benefits by having multiple accounts at one bank. You should look into whether your bank offers this product, so that you can use your home equity loan to help you waive fees and receive additional benefits on your checking and savings accounts.
: BestCashCow's Editorial Board has been led by Ari Socolow since 2008.
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
• Home Equity Loans & Refinance – Cash out
• Customized rate quote with no impact to credit
• Low Rates, Quick Approvals, Wide Range of Products
• 2024 Top 5 J.D. Power Ranking for Customer Satisfaction
Home Equity Loans & Refinance – Cash out
Customized rate quote with no impact to credit
Low Rates, Quick Approvals, Wide Range of Products
2024 Top 5 J.D. Power Ranking for Customer Satisfaction
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
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*
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