Finding great rates for home equity line of credit rates in the Philadelphia area can be difficult. The reason for this is because rates are very specific to individual lenders, as opposed to mortgage rates which tend to follow a more general national trend. However, it can still be done if you take the time to shop around and look at multiple banks. See below for some ways that you can find great rates from local lenders in your area.
1. Check out local banks in the area – What better way to start when looking for great rates from local lenders than by going right to the source? Local banks are more likely to offer lower interest rates because their business is dependent on loyal customers. You can also take comfort in knowing that your money is staying close to home and is being invested in your community.
2. Look into credit unions – Credit unions are, essentially, the exact same thing as banks except they are not-for-profit status and tend to be smaller with fewer resources. Because of this, they can sometimes offer better rates on things like HELOCs because their overhead is lower than a bank’s.
3. Inquire about small business loans – If you are trying to borrow a lot of money, such as for a major renovation, don’t be afraid to ask your banker about other types of financing besides home equity lines of credit. Banks and credit unions both offer business loans that can allow you to borrow more than you would with a HELOC. You can even use your home as collateral for these types of loans and then you only have to pay interest on the amount borrowed, not both the business loan and your home equity line.
4. Compare rates from different lenders – The best way to find great rates is by comparing various bank’s rates via online tools such as bankrate.com or bankaholic.com. You should also check with your local banks because many times they will incentivize you to come in by offering lower rates than other lenders in the area. And don’t be afraid to ask for low interest rates, even if you are a long time customer of the bank!
If you are looking for excellent rates in the on home equity lines of credit, this article should help you get started. These are just a few ideas on how to find low interest rates from local banks in the Philadelphia area, but every community is different so feel free to try any number of things if none of these work for you.