Business, Legal & Accounting Glossary
Equity loan rates are the interest rates charged on equity loans. An equity loan is a mortgage placed on residential or commercial real estate in exchange for cash. Home equity loans either have fixed equity loan rates or variable equity loan rates. Equity loan rates are generally tax-deductible. A home equity loan calculator can be used to determine what affect various equity loan rates will have on a monthly mortgage payment. Equity loan rates tend to be much lower than those applied to unsecured loans, such as rates associated with credit card debt. As with any loan, equity loan rates vary depending on a borrower’s personal credit history, income and outstanding debts. Frequently, home equity loans come with fixed equity loan rates.
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This glossary post was last updated: 9th February, 2020 | 1 Views.