A Local Survey of Home Equity Loan Rates

Every month, HSH collects the latest information on home equity loan (second mortgage) products from lenders in over 24 metropolitan areas around the US. (We also survey home equity line-of-credit (HELOC) products.)

What's the difference? Both types of loans allow you to tap the equity in your home. The home equity loan is the traditional second mortgage: a loan in effect for a specific term, usually (but not always!) fixed rate. You're approved for X dollars, the lender gives you the check, and you get a repayment schedule. (For more info on HELOCs, click here.)

Ready to Order?

For everything you need to know when shopping for your Home Equity Line of Credit or Home Equity Loan, order "A Homeowner's Guide to Home Equity Loans and Lines of Credit" for only $4. If you prefer, you can send a money order (no checks, please) to to HSH Associates, Dept HEQ, 237 West Parkway, Pompton Plains NJ 07444.

The single-market sampling listed below lists just a few of the loans in one of the markets we cover. HSH typically surveys over 1,000 lenders in a given month!

Homeowners looking for a line of credit should see our Home Equity Showcase, where lenders advertise their best loans & lines of credit.

If you're a Lender, you should also consider advertising in our Home Equity Showcases. If you need competitive retail market data, HSH's local or national Home Equity surveys are available on a one-time or a subscription basis and are typically marketed to lending institutions and other finance professionals. You can see a sample of the data contained in our competitive market report for HELOCs here. HSH also conducts a similar survey for other types of consumer loans -- including new and used auto loans.

Derived from HSH's 1,000-lender nationwide
Home Equity Line and Loan Survey.

Home Equity Loans are best used for one-time credit needs, like a debt consolidation or single home improvement project. Caution: when consolidating debt into a Home Equity Loan, make sure you pay off the loan promptly, rather than just sending the minimum payment. If you're not careful, you could end up paying for today's purchases for as long as ten or twenty years!

Markets shown below will change on a regular basis.

Source: HSH Associates, Financial Publishers, 237 West Parkway, Pompton Plains NJ 07444. Other cities are available.

Metro Area: The region in which the lender offers the terms shown.

Type: self-explanatory.

Lender: The institution. If a credit union, you'll need to contact them for membership information and details.

Phone: The lender's contact number.

CLTV: Combined-Loan-to-Value ratio. The sum of the first and second mortgages against the property, expressed as a percentage of the home's value. For example, a home is worth $100,000; the first mortgage is $60,000 (60% LTV) plus a $20,000 second mortgage (20% LTV); the sum of the first mortgage plus the second mortgage is $80,000 (80% CLTV).

Minimum Loan $: The minimum loan amount for the rate and term shown.

Maximum Loan $: The maximum loan amount for the rate and term shown.

Interest Rate: The interest rate being charged on the loan.

Points: A fee, expressed as a percentage of the loan amount. One point is equal to a 1% fee; a 1% fee on $20,000 would be a $200 fee.

Fees: If any, costs which the borrower must pay to obtain the loan.

Repayment Period:Term: The repayment period, expressed in years. If fully-amortizing, you will be required to make payments of principle and interest in order to retire the loan in the term listed.

Early Termination (prepay) Fee: A fee levied by the lender if the loan is closed (paid off) before the term has been reached. Fees may be expressed in dollars or percentage points of the remaining outstanding balance. CLS indicates that the lender will charge all costs incurred in making the loan, including appraisals, inspections, taxes and any others which occur.

Early Termination Period: The early termination fee listed will only be levied is the loan is closed during the period show. In the event of a closure after the show time, no termination fee is levied.

All rate listings are Copyright © 2008 by HSH Associates. They may be copied and distributed, providing that full source credit is left intact.

Lenders:
With information ranging from a single metropolitan area, to a geographical or marketing region, to the entire country, HSH Associates' Home Equity Loan database is the best way to evaluate your institution's offerings. Available on a one-time or contract basis. For more information, send us e-mail.

- advertisement -
Metro Area Type Lender Phone CLTV %
 Minimum
$,000
 Maximum
$,000
 Rate % Points Fees $ Term (yrs) Prepay
$		 Penalty
period
SEATTLE HE LOAN BANK OF AMERICA 206-461-0800 80 10 24 9.84 0 0 15 NONE
SEATTLE HE LOAN BANK OF AMERICA 206-461-0800 80 25 49 8.59 0 0 15 NONE
SEATTLE HE LOAN CITY BANK 425-745-5933 75 5 10 8.00 1 250 10 NONE
SEATTLE HE LOAN CITY BANK 425-745-5933 75 10 25 8.00 1 250 12 NONE
SEATTLE HE LOAN EVERGREEN BANK 206-628-4250 80 15 ___ 6.65 1 0 15 CLS <3YRS
SEATTLE HE LOAN FRONTIER BANK 425-485-2265 75 20 ___ 7.75 1 400 10 NONE
SEATTLE HE LOAN HOMESTREET BANK 206-621-0100 80 10 __ 8.00 0 0 10 350 <3YRS
SEATTLE HE LOAN KEY BANK 800-539-2968 85 5 15 7.74 0 99 7 350 <3YRS
SEATTLE HE LOAN KEY BANK 800-539-2968 85 20 25 7.89 0 99 15 350 <3YRS
SEATTLE HE LOAN UNION BANK 206-587-6100 80 5 500 7.99 0 0 20 NONE
SEATTLE HE LOAN US BANK 425-450-5800 80 10 50 7.99 0 0 10 1% <3YRS
SEATTLE HE LOAN US BANK 425-450-5800 80 50 100 9.99 0 0 10 1% <3YRS
SEATTLE HE LOAN WASHINGTON MUTUAL SAVINGS 425-590-4070 75 20 50 8.55 0 0 20 500 <3YRS
SEATTLE HE LOAN WELLS FARGO BANK 206-292-3415 80 10 25 9.496 0 0 15 500 <3YRS
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