A home equity loan is a type of second mortgage that lets you borrow money against the value of your home. Whether you own your home outright or have a standard first mortgage, home equity loans let you unlock the equity in your home in exchange for a second mortgage.
Home equity loan rates range from 3.74% to 6.94%, for a $30,000 loan with a loan-to-value of up to 90%. For example, on a 20-year $30,000 home equity loan with a 90% loan-to-value from PenFed, you can expect to pay $190 per month.
If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you, please click here.
For an explanation of home equity terms, click here. These rates are updated weekly. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Rates are subject to change without notice and may vary from branch to branch.