Obtain the Best Home Equity Loan Rates
You would think that the best home equity loan rates would be the lowest rate. In most cases it is! However, in some cases it is not!
A number of years ago good friends of mine purchased a home.
They shopped around to a bunch of banks and lenders and finally found the most awesome, incredibly low, best home equity loan rate possible.
They chose a fixed mortgage and a 5 year term. The exact rate doesn't really matter now, but at that time it was the very lowest for that chosen term.
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When they started their rate shopping, they were convinced by a number of different people to go with the 5 year term. The reasoning:
- The payment is affordable & they don't have to worry about the payments going up
- It's much easier to budget for the next 60 months
- Everyone is suggesting the 5 year term because this is their first home purchase
- Etc., etc
One thing they didn't consider: They planned to move in 3 years!
When this day finally came, they sold the home and moved to another city and paid a huge penalty. This awesome, incredibly low best home equity loan rate that they had obtained cost them thousands of dollars in the back end.
Did they really get the best home equity loan rate for their needs?
Well, they did get the lowest 5 year rate offered by any lender. BUT - No, absolutely not. They didnít get the best rate that fit their needs, not even close.
How can you avoid this situation?
Before you choose the best home equity rates, always ask yourself a couple of questions:
- What is my plan?
- What are my goals?
- Do I plan to purchase this home as a stepping stone to a larger, nicer home?
- Do I plan to purchase this home to renovate and then flip?
- Do I plan to purchase this home and grow old here?
Each of these questions might determine a different type of mortgage. Sometimes a shorter term mortgage might be better. Sometimes an open mortgage might be better than a closed mortgage. You might want to consider a home equity line of credit instead of a mortgage.
Once you have decided to purchase a home. You've identified your plan. (basically, How long you think you will live there?). Now it's time to find out:
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Home Equity Loans Strategies from Best Home Equity Loan Rates