What Is The Interest Rate On a Home Equity Loan?
Have you ever stayed awake at night thinking about what could have been? Days spent grinding at the job and nights hustling another part time? You once had dreams of a future worth working hard for. Here are the interest rates on a Home Equity Loan so you can begin to achieve your goals.
Home Equity Loan Interest Rate Range
It is surprising to some people that there is no one size fits all interest rate. When you look to borrow your Home Equity there are multiple factors that determine what the rate ends up being. The rate can range from 6 – 13% and higher depending on your home, your credit, and your income.
Here are some examples of interest rates at the time of this writing:
1) If you have a credit score of 680 or higher then your interest rate will range between 6 – 10%.
2) If you have a credit score of 650 to 680 then your interest rate will range between 7 and 11%.
3) If you have a credit score of 620 – 650 then your interest rate will range between 8 – 12%.
4) If you have a credit score of below 620 then you interest rate will range between 9 – 13%.
The main reason for the wide range is your loan to value or the amount of equity remaining in your home after borrowing.
Quick example: Your home is worth 600K and you owe 250K. You are looking to borrow 100K in a new Home Equity Loan. (250 + 100 = 350 / 600 = 58%) Because you are borrowing less than 65% of your home’s value you secure a 6% interest rate.
The Power of Your Story For Your Best Home Equity Loan
Now enter our heroine. She is full time employed, working all day diligently for the boss and achieving without much recognition. She is a modern day Cinderella. In her youth she wanted to own and run her own successful Spa and Beauty salon.
In her moments of courage, she has spoken her mind and said that she would like to get a Home Equity Loan in order to start putting her gifts and talents to use and begin generating income for her and not the tax man.
This is met with ‘What if you fail?’ stories around the water cooler. Her timid and fearful co-workers advice is going to keep you where they are today. But she doesn’t want to end up where they are. Just over broke!
Our heroine has a secret weapon! She has been speaking with her local Chamber of Commerce and has come to understand that there are resources and knowledge available to empower her towards her dream. She now holds a clear picture in her head of how to start her business. More so, she now has a burning desire towards the fulfillment of this dream!
Along with her new insight comes new connections. I help bring the truth to light about what is possible for her in a Home Equity Loan. A good Mortgage Agent will help make the magic happen and move you from the job to the CEO!
Find out more about all of the things you need to know about your Home Equity Loan Made Simple
Best Interest Rate On Home Equity Loan
The truth of the matter is that our heroine has always had the ability to make her dreams come true. Her home’s value has increased significantly over the last five years and there is plenty of equity to use towards a loan.
Due to her hard work at her job and her decent credit she qualifies for a Home Equity Loan of 100K at 6% and only pays the interest on the amount she borrows. The interest rate offered is favourable compared to other business financing available.
I have this nagging hope. That through your strong desire and a little magic from your friendly neighborhood Mortgage Agent, you will secure your future. Your tuition paid, your startup funded, or your business up and running.
Let’s leave other’s opinions of you behind. Just fill out the convenient contact form below. Your appointment with success awaits!