Hi, I am considering a home equity loan of about 20,000. I owe about 67,000 on my house which is probably worth about 120 to 130,000 I have perfect credit, no late payments and no credit card debt. Where should I go for a home equity loan?
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What is your interest rate? It might be better to refinance and take the equity out. We put a pool in a couple of years ago and paid half cash, half from home equity. Since we took our interest rate from 4.9 to 3.49, the savings basically paid for the pool.
Iím not sure what interest rates are now, but it might be an option as home equity interest rates are usually more than a bit higher and depending on the length of loan.
About a year and a half ago, I opened up a HELOC (Home Equity Line of Credit) with PNC. I don't bank there, but they had the best rates for me (3.75%). Ten year draw followed by 30 year payback.
Your actual credit score will matter, of course, though it sounds like you have that covered. Before applying, I would strongly recommend pulling your annual free OFFICIAL credit reports if you haven't already done that. The ONLY place to do that is:
I'd shop around for the lowest rate.....just call the major banks in the area. We had real good luck with charter one once, and huntington as well.