Mortgage Rate Update --- The Home Equity Line of Credit

By
Mortgage and Lending with Signature Lending Group, Inc

The Home Equity Line of Credit

Home equity lines of credit have become increasingly popular, and there are many types of loan programs available in this genre. This type of credit line is not meant for day-to-day expenses as a credit card would be, however, many consumers use their home as collateral to obtain an equity line of credit to pay for higher ticket items such as educational expenses or home improvements.

Borrowers may want to compare the advantages of a traditional second mortgage over an equity line of credit. But they should not compare these programs based on the Annual Percentage Rate (APR) alone. The APR in an equity line of credit is based only on the periodic interest rate, and does not include other charges such as points, maintenance fees or transaction fees. Conversely, a second Trust Deed takes all points, fees, and other charges into account when calculating the APR.

If someone you know is interested in an equity line of credit or a traditional second loan on their mortgage, I can provide them with a spreadsheet to compare available loan programs to review with their financial advisor.

Mortgage Interest Rates*

Rates as of 05/29/2007:

 

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30 Year Fixed

6.25%

6.346%

$6.16

6.375%

6.470%

$6.24

15 Year Fixed

6%

6.198%

$6.00

6.125%

6.219%

$6.08

5 Year ARM

6.125%

6.272%

$6.08

6.125%

6.301%

$6.08

5 Year Interest Only ARM

6.125%

6.272%

$6.08

6.125%

6.301%

$6.08

30 Year Interest Only

6.5%

6.541%

$6.32

6.5%

6.616%

$6.32

 

 

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Georgia Residential Mortgage Licensee #21471

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Anonymous
marcial maier

EQUITY HOME LINE OF CREDIT, HAVE A GREAT DAY. KINDLY I NEED YOUR ASSISTANCE

I WANT TO BUY A HOUSE, I PRE SELL IT TO MY CLIENT.

Aug 26, 2007 05:45 AM #1
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