About Fixed Home Equity Loans

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Fixed home equity loans are loans with a fixed rate of interest, as opposed to variable interest rate loans. Find a fixed home equity loan with the lowest possible interest rate using advice from a registered financial consultant in this free video on home equity loans.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial advisor, Patrick Munro, talking about fixed home equity loans. Fixed home equity lines of credit are very important to have, as opposed to the word variable. If you get involved in a product that is a variable product it it can be such that the interest rate can go up over time, and therefore, your financial life, including your salary and various ways to repay the loan, are not going up in value, and as a result you can end up in a bad situation. So, fixed home equity lines of credit are granted at various times in the economic cycle, and rates are available, and they're available for a long period of time; most notably, thirty years. It's great to know where you stand on a loan relative to your house for thirty years. Then, of course, if rates do go down below the one that you have you can come forward to the bank again and present yourself and refinance, it's called a refinance, your fixed rate to a better fixed rate. Always make sure that you seek out the best fixed rate possible with the bank that you're dealing with. This is financial advisor, Patrick Munro, talking about fixed home equity lines.

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