A home equity loan is a smart choice as rates rise

In recent years, home equity loans have gone the way of boy bands. So last-century. In an era of low interest rates, home equity lines of credit and cash-out refinances have been the equity-tapping products of choice.Home equity lines of credit, or HELOCs, have been popular because they usually are built with low introductory rates, which have been scraping the bottom.

Fixed-rate home equity loans have interest rates that don’t change during the life of the loan. variable-rate home equity lines of credit have rates that are linked to an index, such as Prime Prime Related Rate – It’s a benchmark set and used by financial institutions to determine how much interest to charge.

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^The Home Equity Line of Credit is a variable rate loan. HELOC loans are available to owners of single family, townhouses and condominiums except for FL, TX, NM, OK and ND. For single family homes/townhouses, borrow up to 90% (80% for condominiums) of current appraised value minus any first mortgage balance.

Having more home equity is a powerful buffer should interest rates rise. If, at the end of five years, your rate rises by more than 1 percentage point (from 3.2% to 4.25%), your monthly payment will simply match that of the 30-year fixed-rate mortgage.

An example of when a Home Equity Line of Credit is a good idea. The economy is in a good place and home prices in your area are steadily increasing. You have good credit and steady income working for a stable company; you’ve been with them for five years. You want to use a home equity line of credit to fund a series of home improvement projects.

Home equity loans almost always have fixed interest rates, so you know your monthly payment won’t rise. Do check to see if there’s a pre-payment penalty – a fee the lender will charge if you pay back the loan early because you sell your house, or you just want to get rid of the monthly payment.

Mortgage rates continue downward fall, sending sales up with them But now, the mortgage I approved them for. market. “Rates are going up, and the stress test doesn’t help. It’s a perfect storm for first-time home buyers. They feel, How am I going to be able to.

If you’ve ever looked at how much interest you’ll pay on your mortgage over its full term, it can be staggering. A typical 30-year mortgage at today’s average interest rate of 4.65% will. down.