Home Equity Loan Loan Rate
Everyone looks for low rates on mortgage loans. East West Mortgage has your best offer on home equity loan rates. Home equity loans are known as a type of second mortgage. If you built up equity in your home you have the choice of taking out a home equity loan. Your home’s equity can be used as collateral when you are in need of some serious cash. You can then use the cash to consolidate your debts, do home improvements on parts of your house, or just any other much needed expenses.
Home Equity Loan Rate
Home equity loans consist of two rates, fixed rates and adjustable rates.
| Fixed Rate | This type of rate is for when you currently have an adjustable rate mortgage and are concerned about the rising rates. 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. |
| Adjustable Rate | Consider adjustable rates 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. |
Take advantage of the low home equity loan rates; get started today with East West Mortgage.
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