Home equity loans are an extremely popular source of credit. Lenders offer dozens of varieties of loans making it very easy to tap the equity in your home. If you browse the marketplace online, you will find most of these loans come with variable interest rates. Some loans are marketed with very low introductory interest rate. There are not many home equity lines that come with fixed interest rates. Many lenders charge upfront fees and large amounts at closing. Some equity loans charge annual fees and may have a large balloon payment due at the end of the loan. Equity loans that do not carry balloon payments typically come with much higher monthly payments.
As a homeowner you need to shop around for the best home equity loan that is right for you. The challenge is finding a lender that will match your needs for the best interest rate, fees, and terms. Fortunately, the marketplace is extremely competitive, and a shrewd shopper can find excellent deals. To do this you need to contact as many lenders as possible. Compare offers not just based on interest rates, but compare the fees and terms as well. Make sure you read and understand all the fine print...
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