Posted on: 03rd Nov, 2008 06:59 am
I've read home equity interest rates are higher than first mortgages but by how much? 1%-2% or more?
I'd appreciate if you could give me just a general benchmark, assuming I have a good credit score.
Thanks!
I'd appreciate if you could give me just a general benchmark, assuming I have a good credit score.
Thanks!
home equity interest rates are a combination of credit score, loan amount, and combined loan-to-value ratio of all mortgages vs. the home's value. the better in each area one's situation is (lower cltv, higher credit, and higher loan amount) the better the terms. home equity loan rates can be anywhere from the same as 1st mortgage rates up to 10% higher.