Many homeowners are unaware that some home equity lines have a feature that allows you to convert an equity line into a fixed rate equity loan. The process does not require a refinance and is usually accomplished by placing a phone call to the lender and paying a small processing fee. If your home equity line has this feature you should consider locking it now, while rates are at their lowest.
Here's why I'm recommending an equity lock right now.
Today, 4/30/2008 the FED lowered the FED funds rate by another .25% which means prime rate is at the lowest point it has been in several years. Additionally, the FED explained that further reductions in FED funds rate are unlikely as we risk further devaluation of the US dollar and higher inflation. Basically what this means is that Prime rate is at the bottom right now and not likely to go any lower. -- It's Time to lock
If you are unsure whether or not your home equity line can be converted into an equity loan, you can call SCV Loan Solutions for a free consultation and review of your equity line documents.
Martin Rodriguez
President
SCV Loan Solutions
661-254-6839
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