How to Get the Best Home Equity Loan Rates

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There has been a complete polar shift in home equity loan rates in the last few years in America as well as much of the world. It isn't so much that home equity loan rates have gone up all that significantly - though they have definitely gone up - it's that the qualifications, standards and considerations, on the part of the lender have changed dramatically.

It used to be that getting a home equity loan was a snap, it was as if they were practically giving these loans away, and with interest rates that have never been better. However the all but total collapse of the mortgage industry has not only changed the average home equity loan rate, but it has also changed the availability of home equity loans all together. In short... they're not as easy as they once were to get; though it is still not at all impossible.

If you are hoping to take out a home equity loan, the first thing you should know is that the days of borrowing 90% of your homes value are basically gone. You would likely have to have the kind of savings and income that would nearly negate the need for a home equity loan altogether in order to be approved by most lenders.

However, if you are simply looking for a little extra cash to get your family through a slow time, or perhaps pay an unexpected expense such as a child's college education or a home renovation, and assuming you have a good credit record and are only looking to borrow a small percentage of your home's total equity, then getting a good home equity loan rate shouldn't actually be that difficult.

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