Every borrower considering home equity loans or first time loans should first consider nuances for the state in which they live, since the rates change in the different states. The rates drop and rise with the changes in the economy.
Bankers are not the sole controllers of rates; rather, the Federal Government and Government monitor the economy inflation statistics to determine if the rates need increasing or decreasing. If you live in Michigan, for example, around the Detroit Metro Area, then the rates on a fifteen-year loan is around 6% reaching up to 8.5%. However, if you live around the Tacoma, Washington area then the rates start at 6% also, but reach as high as 8.7%.
As you can see, your state is factored into the rates on equity loans. Thus, when applying for the equity loan, it makes sense to know the rates in the current state and region of the state to prepare to negotiate with lenders. It really doesnt matter if you are an investor when applying for equity loans because the moral of the story is to find the best deals. Since lenders are competitive with other lenders, many will listen to your negotiation when considering loans. One of the best rules...
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