I Have a variable rate Home Equity loan . The Interest rates are killing me now. What should I do ?

Question : I Have a variable rate Home Equity loan . The Interest rates are killing me now. What should I do ?
I want to know what bank has the best rates right now .
home equity loan rates

Best answer:

Answer by Nelson_DeVon
Banks have lots of rates. If you have good credit you can probably refinance, but if you don’t you are learning an expensive lesson.

This entry was posted by admin on September 8, 2010 at 7:15 pm, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (6)
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#1 written by Ms. Hot Chocolate 1 year ago

I just applied for a mortgage loan through Chevy Chase Bank in Md yesterday. The rates are really low, they offered my a 6.75% for a 30 year fixed. So right now is the best time to refinance b/c you will be able to get a lower rate. In your local newspaper there should have a table that shows you daily interest rates, so before you make a commitment make sure that you check the rates and this time make sure it’s fixed!

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#2 written by Sexy & Sassy in SF 1 year ago

A lot of people made the mistake of getting a variable rate loan when, to begin with, they would not otherwise be able to afford a home purchase. These people are going to have to find a way to come up with the money to make the monthly mortage payments or wind up getting foreclosed.

You need to refinance — fast!! You’ll have to call around to several different banks and ask them about rates for doing a refinance. You could also call a mortgage broker to shop a fixed-rate loan for you.

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#3 written by materfamilia 1 year ago

If your house is worth a good bit more than the balance on your mortgage, pluse the amount owed on the equity line, and you’ve got good credit, you could refinance the whole she-bang and get into a fixed-rate loan. If you’re not in love with your house, you could sell it and find something else and, again, lock in on a fixed rate loan. As a realtor, I say do the second ! As for best rates… it depends on your credit, usually local small banks can do more for you, but in addition to that, check with a few mortgage BROKERS, who are able to shop around with numerous other companies, as opposed to mortgage LENDERS who work for one particular company. Also be aware that most mortage loan officers work on commission and may steer you to products that are most profitable to them. So if you have a friend or relative in the business, start there… they will be more likely to find you the best deal possible.

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#4 written by wunderkind 1 year ago

go on-line and determine which bank has the best home loan rates. NEVER, NEVER take out a variable rate mortgage. Get out of it as quickly as you can. Mortgage rates will surely go up even more than now. If your cradit rating is adequately good you should be able to still get a “reasonable” mortgage loan.

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#5 written by bill nye the science guy 1 year ago

refinance to a fixed loan…interest is just a bit higher at first, but in the long run you save huge!!! if you locked in and a couple of years down the road the rates fall, then you can refinance again. best advice i can offer.

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#6 written by Sharlala 1 year ago

Contact a broker/loan officer who can research all the best rates to find the program and rate that best fits your needs, then refinance your house. Its very easy, plus you can pull equity out in cash to play with…

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