Today’s Home Equity Loan Rates(1)
Home equity loan rates change daily, making it important for anyone interested in a home equity or HELOC loan to check this page regularly. Our listed rates represent the lowest rates available each day. While we always strive for accuracy, keep in mind that the rates you will be offered when applying for a loan will be affected by a variety of factors, including your credit score, your LTV, and your income. Here are today’s home equity loan rates:
Getting the Best Home Equity Rates Possible
While the rates listed above are helpful to know while shopping for a loan, your rates will likely differ. Rate calculations include your credit score, how much you still owe on your house, and the current value of your home. Looking to receive a better rate? Consider the following:
- Keep an eye on market trends: Checking this feed regularly to keep up with how home equity and HELOC rates are trending will ensure that you don’t miss out on low rates.
- Aim for a high credit score: As we mentioned above, your current finances play a major role when it comes to taking out a new loan. Make paying your bills on time a priority and keep track of your credit score – the higher it is, the lower rates you’ll be offered.
- Read the terms: Sometimes loans are too good to be true. Always read through the fine print carefully to avoid overpaying on interest in the future.
- Shop strategically: Look at multiple lenders. Settling with the first lender you reach out to is a rookie mistake. By requesting quotes from multiple lenders, you make it possible to compare your options and get the best loan possible.
The Best Home Equity Loan Options
Next Steps
Once you’ve checked out the going rates, it’s time to decide which company you want to work with. Keep your reasons for getting a home equity loan in mind -- which lender can best meet your needs? Here are just as few of the top reasons homeowners opt for a home equity loan:
- They want to pay off debt
- They need access to cash for a major life event or life project
- They want to take advantage of low interest rates
Once you’ve decided that a home equity loan is right for you, it’s time to look at the top lenders. We recommend checking the rates each has to offer and reading through our in-depth reviews to get a clear idea of what each company has to offer. After you’ve found a lender you’re interested in, you can easily apply and get started!