Home Equity Line of Credit Interest Rates

Video Transcript

"This is financial advisor Patrick Munro discussing what are home equity interest rates. Home equity interest rates are key to the overall factor that an individual looks at for what he is prepared to pay for his home equity interest rate. Home equity is a higher area of risk because normally that mortgage is the second position to the primary mortgage. Home equity has been minimized in recent times because of the fact that housing values have lowered themselves in value and there is less money in which to take a home equity line of credit in many markets nationwide. Home equity interest rates are tied to credit worthiness of the individual and also how much money they are taking out relative to the overall value of the home. If you are a savvy investor you want to make sure you go to bankrate dot com to make sure you get the very best rate and of course shop your local broker network to make sure that they're giving you the best local rate as well. This is Patrick Munro talking about home equity interest rates."