Here are certain hints regarding
current 15 year mortgage interest rates
Second Mortgage Analysis - Fixed-Rate Equity Loan Versus a Home Equity Line of Credit
People tap into their home equity for a variety of reasons, with the two most common reasons being consolidating debts and making home improvements. The question is whether you should take out a home equity loan (second mortgage) or a home equity line of credit (HELOC). Each has its benefits and drawbacks.
Some of the advantages of both home equity loans and home equity lines include lower interest rates and potential tax savings, and both offer interest only payment options in case you are short on cash. With a home equity loan, you get a lump sum at the beginning of the loan that you start paying back immediately. A HELOC gives you a revolving, variable interest rate credit line that you don't start paying back until you start using the line of credit.
According to the Federal Reserve, home equity lines of credit annual percentage rates (APRs) are based solely on a publicly available index (such as the prime rate published in the Wall Street Journal or a U.S. Treasury bill rate). However, it is an adjustable rate mortgage (ARM) loan. With rising interest rates, they've gotten a lot more expensive, doubling to 8 percent in the past three years.
The Federal Reserve states that APR for traditional second mortgage loan takes into account the interest rate charged plus points and other finance charges. However, because you are paying a fixed home equity rate instead of a variable rate, your payments will be the same throughout the life of the loan, which makes financial planning because the payments won't fluctuate with interest rate changes.
Which loan you choose depends on your individual financial circumstances. A HELOC can be useful for people who need fluctuating amounts of money to pay recurring expenses or a short-term financial backup plan, but may not be the best choice for someone interested in long-term debt consolidation or someone who needs a set amount for a specific purpose, such as a home addition.
Maria Ny is an experienced free-lance writer. She writes articles covering a broad range of subjects ranging from Bankruptcy Reform, Credit Repair to mortgage refinancing. Check out her informative articles online at Nationwide Home Equity Loans.
To learn more and get accurate rates quotes 2nd mortgages and home equity loans from loan professionals online please visit the loan resource center at Second Mortgage Loans or check out Home Equity Lines.
More Useful Resource and Updates on current 15 year mortgage interest rates
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- Color of Money Live (Washington Post)
Personal finance columnist Michelle Singletary hosted a free-for-all discussion about money matters.
- The Issue: What's at Stake in Virginia (Fox News)
Virginia has traditionally been a Republican stronghold. The state supported one Democratic president, Lyndon B. Johnson, in the past 50 years. Democratic support has grown in heavily populated northern Virginia. The state?s Governor Democrat Tim Kaine has campaigned heavily for Barrack Obama. Republican president George W. Bush won Virginia by 9 points in the 2004 presidential race.
- City to secure stalled construction projects, bill developers (CBC)
The City of Calgary is cracking down on abandoned construction projects, issuing orders to the owners of six stalled condominium projects to conduct remedial work to keep the sites safe and secure.
- Property (The West Australian)
There has arguably never been a better time to become a first-homebuyer. While house prices remain high, the combination of falling interest rates and government incentives has made it easier than it has been for many months to get a toehold in the market.
- Radian Reports Third Quarter Financial Results (PR Newswire via Yahoo! Finance)
Radian Group Inc. today reported net income for the quarter ended September 30, 2008 of $36.7 million, or $0.46 per share.
- Election coverage: Republican, two opponents running for seat in 2nd District (Lake County Journals)
In the Lake County Board District 2 race, Republican Randy Whitmore is challenged by Democrat Diane Hewitt and Independent Tyler Crittenden.
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