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Interest on home equity lines of credit are extremely low right now, even when compared to traditional home loans. Some financial advisers say that borrowers should consider taking out a HELOC rather than doing a traditional refinance if they want to save on withdrawing equity. CNN Money reports: “HELOCs can be hard to get right now, but [...] [...more]
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Lending standards have tightened. But, if you still qualify to take out a HELOC, you may be able to snag a super deal. Since HELOC rates are tied to the federal funds rate, you’re likely to have a very low monthly payment. Here are a few HELOC deals out there right now, as discovered by TheStreet.com: In [...] [...more]
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As HELOC rates have nosedived, average rates on home equity loans have gone up. Some HELOC customers have suffered through line freezes and reductions, but many others are taking advantage of the low rates made possible by federal funds slashes earlier this year. Here are the national overnight averages calculated by Bankrate.com: $30,00 HELOC - 4.82% HEL - 7.71% $50,000 HELOC [...] [...more]
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Earlier today the Federal Reserve cut the federal funds rate a quarter of a point, from 2.25 to 2. The prime rate, used to determine the majority of HELOC interest rates, generally mimics the federal funds rate. So, HELOC customers may see a slight interest reduction in their future statements. Some analysts speculate that this latest [...] [...more]
