3_ways_to_get_the_lowest_rate_on_your_home_equity_loan
DESCRIPTION
When you decide to take out a home equity loan, you don’t have to get if from the loan department of your bank. You actually stand a better chance of getting a lower interest rate at a bank that you don’t normally do business with. This bank will be looking to get you as a new customer and might be willing to beat your bank’s offer. Keywords: home equity loan Manage Your Credit Score. Shop around!TRANSCRIPT
Title:
3 Ways To Get The Lowest Rate On Your Home Equity Loan
Word Count:
411
Summary:
Home equity loans are relatively easy to get, even if you have bad credit. Because you are putting your
home up as collateral, lenders tend to be more willing to give you money. From a lender’s point of view, it
is a low risk situation. Chances are, if your home is on the line you will make repaying your loan a budget
priority and if you default on the loan, they will get their money back in the form of your house. With all of
the lenders out there wanting to give home equity...
Keywords:
home equity loan
Article Body:
Home equity loans are relatively easy to get, even if you have bad credit. Because you are putting your
home up as collateral, lenders tend to be more willing to give you money. From a lender’s point of view, it
is a low risk situation. Chances are, if your home is on the line you will make repaying your loan a budget
priority and if you default on the loan, they will get their money back in the form of your house. With all of
the lenders out there wanting to give home equity loans you can afford to be picky and work to get the
lowest rate on your home equity loan.
Shop around!
When you decide to take out a home equity loan, you don’t have to get if from the loan department of your
bank. You actually stand a better chance of getting a lower interest rate at a bank that you don’t normally do
business with. This bank will be looking to get you as a new customer and might be willing to beat your
bank’s offer.
Manage Your Credit Score.
Banks don’t just look into your credit history, when deciding whether or not to give you a loan, they also
look at your potential for debt. If you have 5 credit cards, each with a zero balance, but with a total credit
limit of $100,000 a bank views that as a risk. You have the potential to go into a large amount of debt and
that means that you might miss a payment to them. Weed down the amount of credit cards that you use and
cancel the cards that you don’t use.
Think outside the box.
You don’t have to go to a bank to get a home equity loan. You might be able to find a lower interest rate at a
credit union or mortgage broker. Take advantage of online mortgage lenders and research which companies
offer the lowest interest rates. Some lending brokers even make comparisons for you and then get back to
you with the name of the company that will save you the most money.
Home equity loans are a great way to get extra cash to pay off debts, pay college tuition, or do a few
remodeling projects around the house. Just make sure that you do your homework before you talk to a
lender, so that you will get the lowest interest rate around.
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