| There has been a complete polar shift in home equity | | | | If you are hoping to take out a home equity loan, the |
| loan rates in the last few years in America as well as | | | | first thing you should know is that the days of |
| much of the world. It isn't so much that home equity | | | | borrowing 90% of your homes value are basically |
| loan rates have gone up all that significantly - though | | | | gone. You would likely have to have the kind of |
| they have definitely gone up - it's that the qualifications, | | | | savings and income that would nearly negate the need |
| standards and considerations, on the part of the lender | | | | for a home equity loan altogether in order to be |
| have changed dramatically. | | | | approved by most lenders. |
| It used to be that getting a home equity loan was a | | | | However, if you are simply looking for a little extra |
| snap, it was as if they were practically giving these | | | | cash to get your family through a slow time, or |
| loans away, and with interest rates that have never | | | | perhaps pay an unexpected expense such as a child's |
| been better. However the all but total collapse of the | | | | college education or a home renovation, and assuming |
| mortgage industry has not only changed the average | | | | you have a good credit record and are only looking to |
| home equity loan rate, but it has also changed the | | | | borrow a small percentage of your home's total equity, |
| availability of home equity loans all together. In short... | | | | then getting a good home equity loan rate shouldn't |
| they're not as easy as they once were to get; though | | | | actually be that difficult. |
| it is still not at all impossible. | | | | |