LOAN TYPE, AVERAGE RATE, AVERAGE RATE RANGE ; Home equity loan, 8.40%, 8.08% – 9.49% ; 10-year fixed home equity loan, 8.53%, 7.78% – 9.27% ; 15-year fixed home equity loan, 8.48%, 8.14% – 9.95%
Home equity loan closing costs typically include appraisal fees, credit report fees and title search fees. Here’s everything you need to know about home equity loan closing costs and fees.
Appraised Home Value, $350,000 ; Less Outstanding Mortgage Balance, – $150,000 ; Home Equity, = $200,000 ; 80% of Home Value, $280,000 ; Less Outstanding Mortgage Balance, – $150,000 ; Potential Loan Amount, = $130,000
Fixed-rate loan · Borrow up to $25,000 · No appraisal required · Repayment terms up to 84 months
Explore home equity lenders that offer flexible loan options and beneficial features like no fees to find the right home equity loan for you.
Get easy access to funds with flexible repayment options.1 ; Walk away with a single lump sum at a fixed rate. ; Negotiate new mortgage terms and walk away with cash.
In this Guide: ; Can Home Equity Loans Be Tax Deductible? ; How To Deduct Interest on a Home Equity Loan or HELOC ; How To Claim a Home Equity Loan Interest Deduction
Vault’s Viewpoint ; Using home equity to cover various expenses can often be cheaper than other forms of debt like credit cards and personal loans. ; When you borrow against your home to pay for home improvements, the interest on the loan might be tax deductible. ; You can tap your home’s equity for almost any legal reason, including emergency expenses, major purchases like weddings and retirement planning.
LENDER, BEST FOR, EST. APR, LOAN AMOUNT ; LightStream, Best overall, 7.49%-21.94%* (with AutoPay), $5,000-$100,000 ; Upstart, Little or no credit history, 7.80%-35.99%, $1,000-$50,000 ; Achieve, Debt consolidation, 8.99%-35.99%, $5,000-$50,000 ; Citi, No fees, 11.49%-20.49%, $2,000-$30,000 ; Best Egg, Unique secured loans, 7.99%-35.99%, $2,000-$50,000 ; LendingClub, Adding a co-borrower, 8.98%-35.99%, $1,000-$40,000 ; Upgrade, Fast funding for fair credit, 9.99%-35.99%, $1,000-$50,000 ; Prosper, Peer-to-peer lending, 8.99%-35.99%, $2,000-$50,000 ; Discover, Low fair credit rates, 7.99%-24.99%, $2,500-$40,000
Home Equity Loan ; A home equity loan makes sense if you want a fixed rate loan but don’t want to change your original mortgage terms. Instead of refinancing, you can take out a second mortgage to receive the funds you need. A home equity loan makes the most sense when interest rates are high. However, you’ll need to make sure you can afford to make two monthly mortgage payments. And it’s best for homeowners who plan to stay in their homes for a long time. ...