Here’s the thing: At some point, you’re going to need a big chunk of change. And you’re going to need it kinda…now. Maybe it’s for something you’ve expected (such as…
Wednesday Jun 3, 2009
Author and personal finance columnist Greg Karp on paying down a mortgage early and using a home equity loan to "pay off" credit card debt.
Questions to ask when you're shopping for a home equity loan.
If you have a single, discrete expense, a regular home-equity loan is the right move. If you’re looking at a series of payments over a period of time, a HELOC is the better choice.
A home equity loan is basically a second loan (after your mortgage) that you take out on your house.
A benefit of a home equity loans and HELOCs is that your credit score and credit history don’t really have any effect on getting approved for the loan, or on the rates that you pay.
Thursday May 22, 2008
Here’s the thing: At some point, you’re going to need a big chunk of change. And you’re going to need it kinda…now. Maybe it’s for something you’ve expected (such as a long-planned-for home renovation), or maybe it’s for something that snuck up on you (braces for little Katie). The result is ...
Monday Jan 26, 2009
If you need cash you may be asking yourself "what's a home equity loan?" Basically, a home equity loan lets you borrow money from the bank using your home as collateral.
Monday Jan 26, 2009
What's a HELOC? A home equity loan of credit (a.k.a. HELOC) is another way to borrow money using your home as collateral. But instead of getting a lump sum at once - the bank extends a line of credit that you can use at your leisure.
Monday Jan 26, 2009
The process for taking out a home equity home loan on your house is fairly easy. You need to figure out how much your home is worth, how much money you need, and then find the loan terms that fit you best.
| Type | Today | Week Ago |
|---|---|---|
| 15 Year Fixed | 4.62%  |
4.67% |
| 30 Year Fixed | 5.15% | 5.15% |
| 1 Year ARM | 3.48% |
3.51% |
| 5/1 Year ARM | 3.62% |
3.68% |
| Type | Today | Week Ago |
|---|---|---|
| Line of Credit | 4.89%  |
4.88% |
| 10 Year Loan | 7.47% | 7.47% |
| 15 Year Loan | 7.61% |
7.60% |
| Type | Today | Week Ago |
|---|---|---|
| Interest Checking | 0.28% | 0.28% |
| Money Market/Savings | 0.38% | 0.38% |
| 12 Month CD | 1.13%  |
1.15% |
| 60 Month IRA CD | 2.40% |
2.41% |
| Type | Today | Week Ago |
|---|---|---|
| Cash Back Cards | 12.66% |
12.68% |
| No Annual Fee Cards | 12.08% |
11.97% |
| Reward Cards | 12.75% |
12.61% |
| Small Business Cards | 11.01% |
10.94% |
| Student Cards | 13.77% |
13.49% |
| Platinum Cards | 12.26% |
12.11% |
