Where can I find the current average interest rate for home equity loans so I can decide if I want to refi?
Monday, 3. May 2010
I currently have a 5 year home equity loan for 6.5% interest rate on ,000.00. We have a good credit standing. We own our home and owe nothing on it. We have paid on this loan through direct withdrawal on my paycheck for over 2 years now. I was just wondering if I could refinance this for a lower rate w/ all of the low low interest rates out there right now. What is the going interest rate for a 5 year home equity loan? Is it worth refinancing? The only reason we are wanting to do this is if we can save a given amount of $ each month then we can actually use that towards the principal if we have a lower payment w/ the refinance. We are very comfortable w/ the loan we have now but if we could speed things up with getting this paid off then it would be wonderful. Any ideas on current rates and if this is a good idea? Please don’t answer this question w/ the answer of "I need more info…this is not enough info to answer this question" sorts of answers. Thanks!
me Says:
Google and Yahoo search engines..currently have about 150,000 sites each on this subject that is current.
Peace bro
scott d Says:
helocs are around 5% right now, but you really need to do the math on refinancing such a small mortgage. Depending on what closing cost you negotiate, your savings might not be worth the trouble. and keep in mind that most helocs are adjustable, so you risk it going higher than what you currently have.