http://www.gogomortgageloan.com/home-equity-loan-rates.html Home equity loan rates continue to elude the great Mortgage Inspector. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Gadzooks! There is a major cry of concern heard everywhere people are taking out a home equity loan. Why oh why are these home equity loan rates so much higher than the rates available for first mortgages? Have no fear good people, the Inspector is here and I'll get to the bottom of these pesky home equity loan rates - don't you worry about that! A careful analysis of home equity loan rates Hmmm, what could possibly make home equity loan rates almost 2% higher than first mortgages on average? Is it the risk lenders are taking when they fall into that second position on the rights to your home? Is it the that using home equity to make outside purchases is not an essential part of home ownership and should not have to be available at an affordable rate? Or is it that darn Dr. Claw, making the lives of the general citizenry miserable yet again? Who knows! But Im sure if I take out this home equity loan at an insanely high home equity loan rate I'll figure it out for myself somehow. Hello broker? I need some quotes! Penny to the rescue Its a good thing Penny hacked into her uncle's broker's computer and can provide affordable home equity loan rates before the Inspector gets too far ahead of himself. First she'll have him apply for a great amount of equity than he is currently looking for - higher amounts in the loan will always generate lower home equity loan rates. Next, she'll move this from a traditional loan to a HELOC - that'll drop those initial home equity loan rates to an incredibly affordable level! Finally, Penny will make sure there is no prepayment penalty attached to his loan. Uncle doesn't have bad credit, and he should have a refinancing option in the case that the adjustable home equity loan rates attached to his HELOCF rise too high too fast. And that should just about do it! The Inspector is safe from the high home equity loan rates everyone else is worrying about! Sat, 26 Jul 2008 15:00:00 EDT