Home Equity Loan or Credit Cards for Your Plan?

Home Equity Loan

If you are not sure which to use a home equity loan or credit cards to pay for your major purchase, then you may need to consider a few things before moving ahead.  Interest rates on credit cards for people with fair to good credit is around 26.99%.  That is quite a substantial amount to have to pay into.  Home equity loans give you the line of credit that you need at much lower prices, however, you put your house on the line, not just a bad credit report.

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Current Home Equity Loan Rates

$30K HELOC 5.08%
$50K HELOC 4.76%
$30K Home Eq 7.20%
$50K Home Eq 7.11%$
75K Home Eq 7.13%

Evaluate Home Equity Loan Options

It would be a good idea to discuss your options with a financial advisor. Major financial events such as paying for college or creating a personal debt relief program would be best served with professional advice. Especially if you are not financially savvy.

Home Equity Loan Rates

Home equity loan rates will vary from lender to lender. Currently, the national average for the rates is considerably low when compared to credit card interest rates.