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| Current Interest Rates |
Date: Oct 06, 2008 |
| Loan |
Rate |
APR |
30 Year fixed
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6.00%
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6.20% |
15 Year fixed
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5.75%
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6.95% |
5 Year ARM
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6.00%
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6.20% |
3 Year ARM
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5.88%
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6.15% |
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We have been fortunate
here in the Tri Valley area that over the past few years
we have experienced a very positive growth in our homes
total equity. |
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In fact we have experienced
a 250% increase in local property values over the past
ten years. This increase has led to many new home
equity loans and lines of credit
being written to borrowers here in California. As a
homeowner you can take advantage of your homes new equity,
while still keeping low monthly mortgage loan payments. |
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| Higher Equity
- Lower Rates and Payments |
Because of the higher
home values when you do receive a new mortgage you could
qualify for much better rates because you will have
a much lower loan to value or LTV. LTV's below 70% are
seen as having less risk, thus give you more options.
You could pull cash out and lower your monthly mortgage
payment because your new LTV will be lower than your
original mortgage! |
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Start Your Free Home Equity Loan Quote |
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| Most
common uses for a Home Equity Loan: |
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| Auto Loan |
If you plan on purchasing a car you
could save thousands by using a home equity loan because
they typically have a lower interest rate and the
interest you do pay may be tax deductible. Allowing
you to pay the equity loan off faster than a typical
5 year auto loan, saving you even more money.
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| College
Education |
Paying for college
tuition for your children is a great use of your homes
equity and a great way to invest in your childrens future. |
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| Home Improvements
and Repairs |
Home improvement
loans are just home equity loans or cash out refinance
loans. The most common home improvement loan is a home equity line of credit as it works like a credit
card against your homes equity alowing you to make adjustments
for those unexpected expenses during your project. |
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| Debt Consolidation |
While most debt consolidation loans
are home equity loans, some are refinance loans. It
really depends on your individual mortgage situation.
Click here for more information on Debt
Consolidation Loans.
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