What credit score do you need for a home equity loan?

A FICO score of at least 680 is typically required by most lenders for a home equity loan.

Are home equity loan rates higher than mortgage rates?

Home equity loan rates are slightly higher than mortgage rates, because these loans are only paid back after primary mortgages have been fully repaid. If the home goes into foreclosure, the lender holding the home equity loan does not get paid until the first mortgage lender is paid.

Are home equity loans tax deductible?

The interest you pay on home-equity loans may also be tax-deductible for the first $750,000 for single filers ($375,000 if married filing separately). To qualify for this deduction, you must use the funds to “buy, build, or substantially improve your home” and itemize your returns, according to the IRS.

What is a home equity loan?

A home-equity loan allows you to borrow against the market value of your house and receive a lump-sum payment in return.

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HOME EQUITY LOAN RATES FOR THE WEEK OF DEC. 10, 2024

Home equity loan rates for the week of Dec. 10, 2024

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