I have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8.75% home loan interest on $12,000. What to do?

Unless you can eliminate the 12 grand debt in 6 months you will be paying interest... Credit card might not be your best option in this case... try a credit union, which are known for offering better rates than average banks

If your home equity loan can be paid without penalty (check out the terms of your loan), you can pay it off with your credit card. However, you need to read the fine print of your credit card offer to know if there are restrictions as to what type of loans you can pay off and still qualify for the low interest rate. Also, if it's a new credit card offer you have to see if you can qualify for a $12,000 line of credit. There are so many variables, you really need to just read the fine print of the cc offer and call them with questions.

How long is that credit card rate good for? Bet it is less than a year. What are you going to do at the end of that time? Trouble ahead!!!!!!!!!!

Why don't you look for a better home equity loan rate? In fact, you may be able to get the current lender to lower the rate with no cost. Contact them, tell them you are going to refinance the loan but want to give them the opportunity to keep your business at a lower rate.

I've done this twice before so it can happen.

The question has to depend on the contract for your home equity loan. You can get a convenience check from the credit card people to pay the equity loan if you have the right to pay it off. Some loans are for the whole period else you pay a penalty. When interest rates have gone down, many lenders will not be happy to let you pay off if your contract does not provide for that.

But beware. a sudden increase in the amount you have on your credit card can trigger an interest rate increase. Confirm that this will not be done before you do it.

Hi

I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address james.wood83@yahoo.com

We currently have an interest only loan with an interest rate that keeps climbing. We want to get it paid off but there's no way with the current loan we have. Any suggestions?

Lenders rarely change the terms of a loan but inquire. Probably you will have to refinance to a fixed rate mortgage.

For at least the last couple days? is there chance home equity loan rate goes down?

The two are not the same and have nothing to do with each other. The prime rate has gone up many times lately so all loan rates will follow.

When you borrow money to buy a home the bank is not the one that loans you the money. Companies bid for these mortgages and when they have a lot of money that needs to be earning something then the rate will go down. When the money is tight then the rate will go up. They will tell the bank they will buy so many millions of dollars worth of mortgages at a given rate. There are several so the rates may not be all the same. Depending on your history the bank and holding co. will decide what company will take the risk.

yes ye sye s

It depends on which index they are tied to. Some change very little, others are very volatile and change alot. Also, rates arent going down, they are really just hangin right about the same, not going anywhere. You need to figure out the index and watch it if you want to know more!

its the rates that are used to calculate each. I think the home equity loans use a different index that the rates are pegged to.

I want to know what bank has the best rates right now .

Banks have lots of rates. If you have good credit you can probably refinance, but if you don't you are learning an expensive lesson.

If you have an excellent credit score, then I would definitely try to refinance. Now is a good time for mortgage rates. If you don't have good credit, depending on how bad it is, you might get lucky and find an institution that will refinance you at a higher rate. http://answers.yahoo.com/question/accuse_write?qid=20060715182255AAy7A8H&kid=QsImCDbvBTLEJuzbgYNmvBSSlGzPSMpVVLtYbf.WA.XQaf6eNvHJ&s=comm&date=2006-07-27+18%3A37%3A16&.crumb=

Contact a broker/loan officer who can research all the best rates to find the program and rate that best fits your needs, then refinance your house. Its very easy, plus you can pull equity out in cash to play with...

go on-line and determine which bank has the best home loan rates. NEVER, NEVER take out a variable rate mortgage. Get out of it as quickly as you can. Mortgage rates will surely go up even more than now. If your cradit rating is adequately good you should be able to still get a "reasonable" mortgage loan.

A lot of people made the mistake of getting a variable rate loan when, to begin with, they would not otherwise be able to afford a home purchase. These people are going to have to find a way to come up with the money to make the monthly mortage payments or wind up getting foreclosed.

You need to refinance -- fast!! You'll have to call around to several different banks and ask them about rates for doing a refinance. You could also call a mortgage broker to shop a fixed-rate loan for you.

refinance to a fixed loan...interest is just a bit higher at first, but in the long run you save huge!!! if you locked in and a couple of years down the road the rates fall, then you can refinance again. best advice i can offer.

If your house is worth a good bit more than the balance on your mortgage, pluse the amount owed on the equity line, and you've got good credit, you could refinance the whole she-bang and get into a fixed-rate loan. If you're not in love with your house, you could sell it and find something else and, again, lock in on a fixed rate loan. As a realtor, I say do the second ! As for best rates... it depends on your credit, usually local small banks can do more for you, but in addition to that, check with a few mortgage BROKERS, who are able to shop around with numerous other companies, as opposed to mortgage LENDERS who work for one particular company. Also be aware that most mortage loan officers work on commission and may steer you to products that are most profitable to them. So if you have a friend or relative in the business, start there... they will be more likely to find you the best deal possible.

I just applied for a mortgage loan through Chevy Chase Bank in Md yesterday. The rates are really low, they offered my a 6.75% for a 30 year fixed. So right now is the best time to refinance b/c you will be able to get a lower rate. In your local newspaper there should have a table that shows you daily interest rates, so before you make a commitment make sure that you check the rates and this time make sure it's fixed!

HELOC rates are usually variable. HEL loans are fixed rate. If rates are low, then you lock in that rate, no matter what happens to interest rates. With a HELOC, the rate can go up, and up, and up...

Depends on how they figure the rates. My current goes up or down ever time the fed changes things. It has recently gone down.

I would think most rates will go down. I am checking into refinancing (fixed rate) my home and in one day the current offer I am looking at went down .25% within a day.

I would hold on for a week or two and do some shopping.

No one can say.

Although all answers here will be a guess, I suspect rates for mortgages and HELOCs are going to inch up in the near future.

No fees for either one. HELOC is adjustable rate, home equity loan is fixed but you draw the entire amount at once and begin paying interest on the home equity loan (vs. borrowing steadily over time in smaller amounts on a HELOC). No worries with equity, etc.

It depends on what you want the money for. We have a HELOC that we've never used but keep open 'just in case'. If you don't need the money right now, get a HELOC. If you already have plans for the money, get a HEL, but only for the amount you need.

If you'll be using it to pay off debt, make sure you don't turn around and get into debt again, because now you'll have the debt payment PLUS the HEL (or HELOC payment) and this time, you COULD lose your house!

I want to know what bank has the best rates right now .

Banks have lots of rates. If you have good credit you can probably refinance, but if you don't you are learning an expensive lesson.

If you have an excellent credit score, then I would definitely try to refinance. Now is a good time for mortgage rates. If you don't have good credit, depending on how bad it is, you might get lucky and find an institution that will refinance you at a higher rate. http://answers.yahoo.com/question/accuse_write?qid=20060715182255AAy7A8H&kid=QsImCDbvBTLEJuzbgYNmvBSSlGzPSMpVVLtYbf.WA.XQaf6eNvHJ&s=comm&date=2006-07-27+18%3A37%3A16&.crumb=

Contact a broker/loan officer who can research all the best rates to find the program and rate that best fits your needs, then refinance your house. Its very easy, plus you can pull equity out in cash to play with...

go on-line and determine which bank has the best home loan rates. NEVER, NEVER take out a variable rate mortgage. Get out of it as quickly as you can. Mortgage rates will surely go up even more than now. If your cradit rating is adequately good you should be able to still get a "reasonable" mortgage loan.

A lot of people made the mistake of getting a variable rate loan when, to begin with, they would not otherwise be able to afford a home purchase. These people are going to have to find a way to come up with the money to make the monthly mortage payments or wind up getting foreclosed.

You need to refinance -- fast!! You'll have to call around to several different banks and ask them about rates for doing a refinance. You could also call a mortgage broker to shop a fixed-rate loan for you.

refinance to a fixed loan...interest is just a bit higher at first, but in the long run you save huge!!! if you locked in and a couple of years down the road the rates fall, then you can refinance again. best advice i can offer.

If your house is worth a good bit more than the balance on your mortgage, pluse the amount owed on the equity line, and you've got good credit, you could refinance the whole she-bang and get into a fixed-rate loan. If you're not in love with your house, you could sell it and find something else and, again, lock in on a fixed rate loan. As a realtor, I say do the second ! As for best rates... it depends on your credit, usually local small banks can do more for you, but in addition to that, check with a few mortgage BROKERS, who are able to shop around with numerous other companies, as opposed to mortgage LENDERS who work for one particular company. Also be aware that most mortage loan officers work on commission and may steer you to products that are most profitable to them. So if you have a friend or relative in the business, start there... they will be more likely to find you the best deal possible.

I just applied for a mortgage loan through Chevy Chase Bank in Md yesterday. The rates are really low, they offered my a 6.75% for a 30 year fixed. So right now is the best time to refinance b/c you will be able to get a lower rate. In your local newspaper there should have a table that shows you daily interest rates, so before you make a commitment make sure that you check the rates and this time make sure it's fixed!

HELOC rates are usually variable. HEL loans are fixed rate. If rates are low, then you lock in that rate, no matter what happens to interest rates. With a HELOC, the rate can go up, and up, and up...

Although all answers here will be a guess, I suspect rates for mortgages and HELOCs are going to inch up in the near future.

No one can say.

Depends on how they figure the rates. My current goes up or down ever time the fed changes things. It has recently gone down.

I would think most rates will go down. I am checking into refinancing (fixed rate) my home and in one day the current offer I am looking at went down .25% within a day.

I would hold on for a week or two and do some shopping.