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Home Equity Resources
Everything You Need for Your Home Equity Loan
A home equity loan is very similar to a standard residential mortgage, and even more similar to a home equity line of credit loan. However, a home equity loan has very distinct differences that you need to be aware of if you want to get the best rate on a home equity loan.
Bills.com is your one-stop resource for information and savings on a home equity loan. If you're looking for a great rate on a home equity loan, use Bills.com's Savings Center to find the best deal. If you want to learn everything there is to know about your home equity and a home equity loan, browse through Bills.com's helpful articles, FAQs, calculators, and guides. Bills.com has what you need to get the best rate on a home equity loan, and familiarize yourself with home equity.
Bill's Expert Advice
Home Equity Loan Stories
Read a personal story about home equity and gain a better understanding of what's involved.
Home equity loan success story
Home Equity Loan FAQs
- What are the different types of home equity loans?
- What items are most important on my home equity loan checklist?
- What is the tax benefit of a home equity loan?
Home Equity Loan Calculators
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How large can my loan be?
Home equity loans are based on the amount of equity you have built up in your home. You can borrow your loan as a traditional home equity loan (second mortgage) or a home equity line of credit, which functions in a similar manner as a credit card. -
How large will my home equity monthly payments be?
Your monthly payments are based on the term of your loan, your interest rate, and the type of loan you have. Be sure that you are clear about how much your payments will be and whether or not your loan includes a balloon payment at the end of the term before you agree to your loan. -
Will my adjustable rate payments change?
Yes. As the prime interest rate fluctuates, your monthly payment will fluctuate as well. If you can’t afford an unexpected jump in your monthly payments, see if you can refinance your loan at a fixed rate, either with your current lender or a new lender.
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Glossary of Home Equity Terms
Home Equity Loan: secured by the equity the borrower has in the home.
Equity: the current value of a property minus the amount still owed on it, the owner’s financial interest.
Appraisal: required by the lender before a loan is approved to ensure that the first mortgage is not more than the value of the property, an appraisal is documentation of a property’s estimated fair value.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.17% |
| 15 Yr Fixed | 5.88% |
| 30 Yr Fixed Jumbo | 7.33% |
| 15 Yr Fixed Jumbo | 6.79% |
| 3/1 ARM | 5.98% |
| 5/1 ARM | 6.13% |
| 7/1 ARM | 6.34% |
| 10/1 ARM | 6.7% |
| 3/1 ARM (I/O) | 6.01% |
| 5/1 ARM (I/O) | 6.21% |
| 7/1 ARM (I/O) | 6.46% |
Home Equity Articles and Advice
The Basics of Home Equity
Purchasing a home is a life changing experience that is both a milestone and an important investment. Find out how to use your home equity to improve your home and more.
Home equity loan basics
When to Get a Home Equity Loan
When you looking for a loan, you’ll have to choose between a secured and an unsecured loan. Learn what the benefits of a home equity loan are and if it’s the right choice for your particular situation.
Why a home equity loan?
Finding a Good Home Equity Loan Interest Rate
Your rate for your home equity loan will usually be different from your mortgage rate. Discover ways to shop for the best home equity loan rates available to you.
Home equity loan rate
Home Equity Line of Credit or Home Equity Loan
Both HELOCs and standard home equity loans can be very beneficial, but for different people. Find out which of these options are best for your situation.
Home equity loan vs. line of credit
Applying Online for a Home Equity Loan: The Benefits
Nowadays, you can do just about anything online. Find out more about applying online for your home equity loan and what benefits you can reap.
Home equity loan online
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