Fixed Rate Home Equity Loans
There are many ways to harness the financial power of your home equity. 4MortgageRateQuotes.com can empower you to quickly and simply compare interest rates and fees for a number of high-quality lenders. This information will help you determine which programs are right for you: fixed rate home equity loans, adjustable rate home equity lines of credit (HELOC), or mortgage refinancing and liquidation of some or all of your equity.
Fixed rate home equity loans differ from HELOC loans in a number of ways. For one, the interest rate for HELOC loans shifts, while the rate for home equity loans remains fixed for the length of the loan (which is sometimes as much as 20 years). The monthly payments for HELOC loans tend to be much smaller than those for fixed rate home equity loans, since the HELOC borrower may only be required to pay the interest from month to month, rather than the interest plus principal.
Tax Deductible Fixed Rate Home Equity Loans
On a very positive note, both fixed rate home equity loans and variable rate HELOC loans may be tax deductible. Depending on your tax bracket, it may be very financially beneficial for you to take out a home equity loan. You can use this money to pay for a college education, business startup, or other worthwhile goal.
Even if you need money very quickly, take some time to compare interest rates, fees, and terms. Just as credit cards vary a great deal in the quality of terms and interest rates they provide, so do home equity loans. At 4MortgageRateQuotes.com, we can match you with up to four lenders who will contact you within 48 hours after you complete our easy online form. Why not find out more today?