Home Equity Rates - article about Home Equity Rates

Home Equity Rates: Whom to Ask for Information

Contact Your Bank

Before signing on the bottom line when refinancing your home, especially if you are getting your equity loan online, you should always contact your local bank loan officer to ask what the current home equity rates are in your state. Although rare, there are many loan scam artists that will attempt to sell home owners home equity loans at rates that are completely outrageous. Unfortunately, the home equity rates that these scam artists quote to unsuspecting home owners are typically two or three times higher than the actual rates.

By first talking to your local bank loan officer, you can help to protect yourself from getting tricked into paying home equity rates that are twice the norm. Many home owners do not double check these rates, and end up losing their homes when the payments become too high to pay. By comparing the home equity rates you are quoted online with those you are quoted by your bank, you can keep yourself from becoming one of these unsuspecting home owners.

Your Attorney General’s Office

One of the things that most home owners don’t realise is that their state’s attorney general’s office has to keep track of all interest rates being charged within the state. This includes current home equity rates being charged by lenders in your area. The easiest way to find out what your state’s current home equity rates are, is to simply visit the website of your attorney general, and look for a link entitled “interest rates.”

It isn’t common for lenders to be dishonest about the interest rates they charge homeowners, but there are always the exceptions to the rule. These are the unscrupulous lenders you need to be wary of, and to double check the home equity rates you are quoted. Simply protecting yourself in the beginning (before signing anything) can help to prevent you from losing your home later on.

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