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Most home equity loans are based on the prime rate and are variable, so it wouldn't matter unless you got a fixed rate 2nd. Seems like home equity loan guidelines are getting more strict as time goes on, and if values trend down, it gets worse. I'd get one while I could.
asphaltgambler- you could lock in a rate now, and if rates go down you might be able to re-negotiate before you draw docs or lock in with another lender. Or, you could let your lock expire and re-lock. You'd need to discuss with your lender if they re-negotiate or if they have a minimum amount of time you have to wait before re-locking an expired loan.
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