Home Equity Loan Rate
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It's not the Home Equity Loan Rate, it's all the Fees that Cost you Money!
There is nothing worse than the nagging client who thinks only of what the home equity loan rate is. There are lots of lenders out there laughing all the way to the bank because they gave their clients the lowest home equity loan rate available but charged exorbitant closing costs for the loan. Keep in mind that the home equity loan rate is not the only determining factor for the cost of your loan and you will want to pay close attention to where all of your money is going in your loan. Lenders are required to give you a breakdown on these costs, including the home equity loan rate.Closing costs count
Closing costs are a very important factor, probably more important than your home equity loan rate. They can vary greatly from lender to lender so it's important that you pay close attention to how much you are paying. Some lenders charge points, others don't but the difference is probably reflected in your home equity loan rate. With this type of loan, be especially critical because it could end up costing you more money than if you were getting a regular mortgage.Fees count too
Your home equity loan rate may sound amazing, but keep in mind the other fees you are being charged for the loan. These may include appraisal costs or escrow fees. Know how much things cost (i.e. A typical residential appraisal runs between 300 and 400 depending on where you live.) If you are skeptical, call your local appraiser or escrow company and find out. They will normally be more than happy to give you the information and once you find out, you may want to find another lender! Being proactive could save you lots of money in the long run