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!
|Metro Area||Type||Lender||Phone||CLTV %||Minimum |
|Rate %||Points||Fees $||Term (yrs)||Prepay|
|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|
Source: HSH Associates, Financial Publishers, 237 West Parkway, Pompton Plains NJ 07444. Other cities are available.
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).
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.
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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.