Since the home equity loan interest rate is most normally an adjustable one, it will probably be lower than fixed rates. This type of credit uses your home as collateral. They normally cap out at 85{919468b76a1b111b1791bdf3e51426d8562c963af300c016649515c15309dd6c} of loan to net value of your home which takes into account your first mortgage as these are second mortgages. The rates on these may be changed monthly depending on the status of the market.
To get the best, it all depends on who you choose to be your loan officer. You would want someone who knows your situation and who is there to help and not necessarily to make money off of you. Many are out there just to get paid and not to make long term business relationships. They would want to sell you as high a rate as they can. That way they make more money.
You would need to ask a few crucial questions to find out about your potential loan officer. When you ask about how they get paid, they should not be afraid to tell you. If they try to evade the question, then take that as a red flag, for that probably means they use means they do not want you to know, otherwise you might call them on it and they would have to do right by you and get paid less. It might be easier for both to use someone who only charges a flat fee for any transaction. That way, for any rebates that the lender gives out, they will pass it to you as they rightly should.
As with anything that involves your finances, you would want someone who is also there for you and who will keep in regular contact letting you know the status of your application. If your home equity loan interest rate changes for some reason, they would let you know. And if they know of possible solutions to lower it, then they would mention it to you so that you can work as a team for the best possible end result.
If you foresee yourself paying it off before rates go higher, which they probably will in the near future, then now is probably a good time. But if you are planning on paying it off later, you may have to plan for increased monthly minimum payment amounts as your ARM increases with the Federal Reserve. Your agent will be explain this to you and help you decide on the best one for your financial goals and get into the best possible home equity loan interest rate.
