home equity

Home equity rates for Aug. 1, 2013

 

I'm Doug Whiteman with your weekly look at home equity rates. Rates on loans backed by home equity were mixed in Bankrate's weekly survey.

The typical home equity loan fell 4 basis points to 6.12 percent. A basis point is one-hundredth of 1 percentage point.

The typical home equity line of credit, or HELOC, was 4.99 percent, the same as last week.

If your remaining mortgage balance is too small to refinance with a traditional mortgage, then consider a home equity loan. You'll lock in the certainty of a fixed rate and monthly payment, and typically see lower closing costs than you would on a traditional mortgage refinancing. Be careful though, as your monthly payment might see a hike. And be sure to take into consideration the closing costs associated with the deal.

To shop for the best rates on home equity loans or lines of credit, use the free search engine at Bankrate.com. I'm Doug Whiteman.

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