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Home : Financial Consultants : Home Equity Line of Credit Loans Available at Lower Interest Rates
Home Equity Line of Credit Loans Available at Lower Interest RatesHomeowners can now take out a home equity line of credit and pay a substantially lower interest rate. Although interest rates on traditional mortgage loans have increased, many borrowers are able to take out a home equity line of credit at the lowest rates available in the past twelve months. Sydney Financial has consultants standing by to help borrowers take advantage of these low home equity line of credit rates before they are no longer available.
Most home equity lines of credit are pegged to the prime rate. In an attempt to curb the economic downturn, the prime rate (generally tied to the Federal Funds rate) has been slashed multiple times this year. Currently, it is at an extremely low 5.0%. In the past 52 weeks it has been as high as 8.25%. The extra 3.25% represents a huge difference in interest savings for borrowers who take out a home equity line of credit now. To take advantage of these low home equity line of credit rates, borrowers must own property. They must have some amount of equity in their home. They may also need to have a good credit score and prove their income. Many financial advisers believe that these low rates cannot last. Homeowners interested in taking out a home equity line of credit can contact a Sydney Financial representative to learn more. http://www.bignews.biz/?id=784845&keys=Home-Equity-Line-Credit 11 times read
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