Home Equity Loan
East West Mortgage offers one of the lowest home equity rates in comparison to other mortgage companies. A home equity loan alone will help you save and free up some cash, but with the rates that we offer to go along with it will make it even better. Homeowners usually obtain a home equity loan when they have enough equity built in their home and they need it as collateral.
Home Equity Loan Rate
East West Mortgage offers fixed rates and adjustable rates for home equity loan.
| Fixed Rates | If you currently have an adjustable rate mortgage and are concerned about the rising rates; you may look into refinancing with a fixed rate. With a fixed rate you can lock in your interest rate at a low fixed payment and pay off your existing loan sooner. You can choose from the term that suits you best: 10, 15, 20, or 30 years. With a fixed rate you get the benefit of a 45-day rate lock option, interest only option available, and no prepayment penalty. Your monthly payments would be stable until the end of your mortgage loan term with a fixed rate. This means your monthly mortgage payments won’t change and you can free up some extra cash. |
| Adjustable Rates | You should consider adjustable rates with refinancing if you are planning to stay in your home for only a few years (3-5 more years). ARMs have a lower interest rate if being compared to a 30-year fixed rate. For the first 1, 3, 5, or 7 years the rate and payment will not change. Although fluctuations in the market rates change, ARMs change periodically. Adjustable rate mortgage has the benefit of free 45-day rate lock; interest only option available, and no prepayment penalty. Borrowers can afford a larger mortgage with adjustable rates, and you get flexible payment option and lower monthly payments. |
You can check out our rates section and compare the home equity rate information that we have provided you with other mortgage companies. If you need help in deciding which home equity loan rate suits you best, you can feel free to come and speak to one of our home mortgage lenders at anytime.
