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Home Equity Loan Rate
Home equity loan rates tend to follow the prime rate, though rates on longer-term loans (those with terms of 10 years or 15 years, for instance) behave more like long-term, fixed-rate mortgage rates. Your available equity is calculated by taking a percentage (for example 80%, 90% or 100%) of your home's appraised or fair market value, and subtracting the balances of any outstanding mortgages on the property. In most cases, the interest on a home equity loan or line of credit of up to $100,000, and a maximum loan-to-value ratio of 100%, is tax deductible.
Mortgage Loan Calculator
Given the dizzying amount of financial data that go into finding and obtaining a home loan, rate calculators can help guide you through virtually every step of the home buying and selling process. Mortgage Loan Calculators help determine what monthly mortgage payment you can afford, and Interest Rate Calculators help you shop around for the best deal. Once you’ve purchased a home and built up some equity, a Home Equity Loan Rate Calculator can assist you in tapping your home’s financial resources, while a Refinance Mortgage Rate Calculator is an essential tool for determining whether or not it’s a good time to refinance.
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