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Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
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Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
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Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
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Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
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Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
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Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
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Credit Report Fee: Fee charged to obtain an applicant's credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower's creditworthiness.
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Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
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Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
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Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property's value, and perform a risk analysis on the overall loan package.
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Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
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FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
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Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower's attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

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Home Equity Loan Rates

Compare Home Equity Loan Rates and Lenders

Review current home equity loan rates for November 19, 2017 and get personalized mortgage quotes from top lenders

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

Mortgage Rates by Loan Product

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Mortgage Rate Report

Sunday, November 19, 2017

No news is good news when it comes to mortgage rates as rates remained in a steady and low holding pattern for the second consecutive week after the Federal Reserve left interest rates unchanged in its November meeting.  In its November statement, the Fed pointed to declining unemployment, expanding household spending and increasing business investment as offsets to lower than targeted inflation in deciding to keep the federal funds rate unchanged at 1.000% to 1.250%.  The Fed's statement also highlighted the temporary impact of recent natural disasters on the economy as well as the implementation of its previously announced balance sheet shrinking program.  In short, the Fed seems to be balancing a robust labor market with low inflation and although the Fed left interest rates unchanged in November, a rate increase in December seems highly probably.

Despite the possibility of a rate hike before the end of the year, mortgage rates have remained remarkably steady for most of November and this week was no exception.  The interest rate for a 30 year fixed rate mortgage held at 3.750% while the interest rate for a 15 year mortgage remained at 3.000%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) was unchanged at 3.000%, remaining attractive to borrowers seeking shorter-term mortgage programs willing to take on the risk of an ARM.  FHA mortgage rates and VA mortgage rates stayed put at 3.250%, with both programs remaining attractive to home buyers focused on low or no down payment loan options.  Keeping with the no news is good news trend, non-owner occupied mortgage rates remained at 4.000% and jumbo mortgage rates were also unchanged at an attractive 3.750%.

The Fed did not change interest rates, its economic outlook or its messaging regarding future rate hikes in its November meeting which likely contributed to continued mortgage rate stability.  Nearly two months of relatively steady mortgage rates have brought a sense of calm to the mortgage market and rates continue to remain near historical lows.  Although the Fed did not change interest rates in November, it reinforced the expectation for a rate hike in December as well as multiple anticipated rate hikes in 2018.  Prospective borrowers looking to buy a home or refinance their mortgage may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates rise again, potentially at an accelerated pace.

Because mortgage rates fluctuate daily, we continue to actively monitor the mortgage market for updates.  Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information. 

Why Select a Home Equity Loan or HELOC


Only Access the Amount of Money You Need.

A home equity loan or HELOC enables you to access the specific amount of money you need as compared to a full refinance of your mortgage.  A smaller loan amount means that your monthly payment and total interest expense over the life of the loan are lower with a home equity loan or HELOC.


Flexible Financing Option.

Most lenders impose relatively few limits on how borrowers use the proceeds from a home equity loan or HELOC.  You can use the money from a home equity loan or HELOC for any number of reasons including to pay-off expensive credit card debt, for home improvements or even school tuition.  Although most lenders want to understand how you plan on using your loan proceeds, a home equity loan or HELOC provides you significant flexibility on how you use the equity in your home.


Less Expensive and More Efficient than a Refinance.

A home equity loan or HELOC are less costly and time-consuming compared to alternate ways of tapping the equity in your home including a cash-out refinance.  Transaction expenses and fees for a home equity loan or HELOC are typically less than the closing costs to refinance your mortgage because the loan amount is smaller.  Additionally, the application and closing process for a home equity loan or HELOC are shorter than the time frame for a refinance.  


Increased Borrowing Capacity.

Lenders typically apply a higher borrower debt-to-income ratio for a home equity loan or HELOC than for a mortgage, which potentially enables you to borrower more money.  For example, depending on multiple factors, the maximum debt-to-income ratio for a mortgage is typically 45% to 50% while the maximum debt-to-income ratio for a home equity loan or HELOC is usually 55% or possibly higher under certain circumstances.  Using a higher debt-to-income ratio enables you to borrow more money.  With a home equity loan or HELOC, to determine what size loan you qualify for lenders primarily focus on the value of your home and the combined loan-to-value (CLTV) ratio of your first mortgage plus your home equity loan or HELOC.

Why Borrowers Compare Mortgage Rates on FREEandCLEAR

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Top Lenders.

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More FREEandCLEAR Mortgage Resources

Mortgage Guides

How a Home Equity Loan Works

Understand how a home equity loan works including interest rate, qualification requirements and other key loan terms


How a Home Equity Line of Credit Works

Review our comprehensive overview of of how a HELOC works including loan-to-value ratio limits, types of HELOC and other guidelines 


Comparing a Home Equity Loan to a Line of Credit

Review our detailed comparison of a home equity loan and a HELOC to determine the financing option that is right for you

Mortgage Expert Insights

Comparing a Home Equity Loan to a Mortgage Refinance

Review an informative explanation of the trade-offs between a home equity loan and a mortgage refinance


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