Average Rate for Home Equity Lines of Credit
The average rate for a home equity line of credit will vary according to the financial institution, the property location, whether the property is an investment, and the homeowner's FICO score. Check the Web sites of different lending institutions to determine what rate will be best for a home equity loan with tips from a registered financial consultant in this free video on home equity lines of credit.
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This is financial adviser Patrick Munro talking about average rates for home equity lines of credit. Lines of credit and home equity mortgages vary as any financial instrument does. The best way to find out how these rates are doing is to go to a process whereby you look at websites and develop the best benchmarks for the particular time that you're looking at and the particular location that you're looking at as well. It depends on where your property's located, what type of property it is. It could be an investment property in which case you'd carry a higher rate than a home or occupied property. But the rates are very important and it depends on the relationship that you have with your core bank, whether you will receive the very best rate or not. And of course your FICO score, we've talked about that as well in the past, is a big factor in getting the very best rate on your home equity line of credit. This is Patrick Munro, financial adviser.