Are there any secrets to getting low interest rates on home equity loans?

Obviously, the higher your FICO score (credit rating) is, the lower the interest rates that financial institutions will offer you. However, there are some "tricks" you can utilize to obtain the lowest possible rates for your situation. This blog was developed to help consumers understand the loan approval process, and to advise how to take advantage of this process....

http://lowertheinterest.blogspot.com

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Hi,check out this link

http://moneysavingexpert.com/mortgages

He is good he is the one that told everyone to claim back bank charges.Good Luck

Be sure to shop around, and make sure your credit rating is in as good a shape as it can be. That's about all you can do.

Three best ones:

1) have a LOT of equity in your home

2) have an impeccably high credit score and income

3) put up a compensating balance in the institution if they will give you the lowest rate..that's where you keep money in an account with them that you can not close for awhile.

If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What’s the interest rate? Knowing this is crucial. The interest rate will determinepercentage by which the adjustable rate will change. What is the Annual Percentage Rate or APR? The APR on the home equity loan will determine the yearly payment you will need to make towards this.The higher the payment in terms of points, the lower is the interest rate.

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