home equity loan interest rate

Use Your Home Equity Wisely

Web sites like www.LowerMyBills.com make it easy to find and compare various loan options. Here are some tips on how to use your home equity wisely.

* Pay off outstanding debt - "Credit card interest rates can be 10 or more percentage points higher than home equity loans or line of credit, so if you are dealing with mounting debt, it can make sense to pay off those credit cards using a lower-interest home equity loan," says Coffin. Just make sure to cut up the credit cards first.

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How does this HELOC work?

I took out what I thought was a home equity loan but now understand it is a home equity line of credit. Do I need to pay on the principal now? I thought the bank was taking payments out of my checking account and it is just for interest. At this rate, when do I start paying on the principal?

Thank you,
-- Connie Compounding

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