bank rates

Best HELOC Rates Remain Below 4%

Although rates on our favorite home equity lines of credit have edged up since December, they’re still the cheapest consumer loans you can get.

Although rates on our favorite home equity lines of credit have edged up since December, they're still the cheapest consumer loans you can get.

If you have 30% to 40% equity in your home and good credit you should be able to find a HELOC for under 5% APR. In some areas of the country, you could pay 4% or less.

Of course that’s a very big if after two years of steadily, and in some parts of the country, spectacularly falling home prices.

Banks opened less than $60 billion worth of new home equity loans and lines of credit in 2009, down from $430 billion in 2006, primarily because homeowners have much less equity to borrow against.

But if you can qualify, you’ll get a great rate with our favorite deals.

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