Home Equity Loan Interest Rate-some facts!

A better finance can be completed with a perfect home equity loan program. For this you need detail knowledge of home equity loan interest rate. Before going onto home equity loan interest rate lets define home equity loan. A home equity loan is a loan in which the debtor puts up their equity in home as collateral as security against the loan. In case of real estate the equity of the owner is the difference between the market price of the property and the owner’s home equity loan. There are two types of home equity loans, closed- end home equity loan and open- end home equity loan. In case of closed end home equity loan you will receive a huge amount at the time of closing, the maximum amount being determined by variables counting your income, appraised value of the collateral and your credit history. Rate of interest on home equity loans like the closed end is generally fixed-rate. Open-end home interest loans are revolving by nature and is also referred to as home equity line of credit (HELOC) where the debtor can choose the time and frequency of borrowing against the equity in the property. However, here the creditor sets the initial limit and credit line. Interest rate on open ended home equity loan is normally variable. So you need to know about home equity loan interest rate to make better financial plans for future.

Here are some prominent websites providing important information on home equity loan interest rate.

Bankrate.com
This website offers valuable information on mortgages, home equity loans, auto loans, CDs and investments, credit cards, checking and savings, college finances, insurances, taxes and more. This site also makes possible comparison of rates from mortgages to home equity to CDs.

Website: www.bankrate.com

Countrywide Financial
This website houses useful information on banking, insurance and home loans including home equity loans, home refinance loans and home purchase loans.

Website: www.my.countrywide.com

E-LOAN
This mortgage website offers information on home equity loans, home purchase loans, home refinance loans, auto loans, auto refinance loans, personal loans, savings and CDs, tools and calculators and credit reports. You can view current rate charts on this site.

Website: www.eloan.com

Mortgage-calc.com
This website provides handy information on mortgage, debt consolidation, amortization, refinance, home equity loan and other financial info. You can also compare rates on home mortgage, mortgage refinance, home equity loan and debt consolidation on this site.

Website: www.mortgage-calc.com