Home Equity Loan: 2.99 Percent Fixed?

by Categorized: Banks Date:

Not that The Bottom Line is trying to spend your money, but some of these offers are hard to resist. Thinking of a kitchen makeover or maybe that extra bathroom you’ve been talking about for years?
Home equity loan rates are low, low, low. Here’s one TBL just saw from Hartford Federal Credit Union (credit unions typically offer some of the lowest rates): 2.99 percent, fixed, for five years with no closing costs, application fees, annual fees or prepayment fees.
This is a particularly good deal because home equity loans are usually variable rates. The loan, a minimum of $25,000, requires monthly payments of $17.96 per thousand borrowed.

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One thought on “Home Equity Loan: 2.99 Percent Fixed?

  1. Payday

    The common repayment for home finance is usually 15 to 30 years for which the monthly payment is calculated as a part of the principal, or amount of the loan, and the interest rate charged on that principal.
    After a certain period of on-time payments by the borrower, it may be possible to refinance a high-interest loan with a lower interest rate.It is to be noted that there are primarily 2 types of mortgage loan – an adjustable-rate mortgage (ARM) and a fixed-rate mortgage, the former has a fluctuating interest rate based upon changes in market rate and the fixed-rate mortgage has the same interest rate throughout the life of the loan. If home finance interest rates are high at the time of signing the mortgage contract, it may be beneficial to consider an ARM.

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