home > home mortgages > home equity > articles > low cost loans

Types of home equity mortgage loans that are low cost

This article will tell you about the types of home equity mortgage loans that you can get at a lower cost than the other types of equity loans.

Choose a type of "low cost" home equity loan to read about:

• Adjustable rate home equity loan
• Institutional home equity loan
• Short term home equity loan
• Combo of all of the above

Adjustable rate home equity mortgage loan

The adjustable rate home equity loan, is a loan type that you can get at a really really low low cost. Why?

Well, this type of home equity mortgage loan has the lowest existing mortgage-rate in the universe. How low is lowest? The adjustable rate is always 3/4's of a percent below the economy's prime rate.

The adjustable rate home equity mortgage loan is the only type of equity loan with a "mortgage-rate" that's lower than the prime rate of the economy. But fixed rate home equity mortgage loans (which are the opposite of adjustable rate loans) are always either equal to, or higher than the prime rate of the economy.

So when you get an adjustable rate home equity loan instead of a fixed rate mortgage loan, your rate will be the lowest it can be, and therefore your home equity loan will be really low cost for you.

Apply online for a home equity loan now!

Institutional home equity mortgage loan

When you get an "institutional" home equity mortgage loan, you'll be getting a home equity loan that's low cost as well.

What's an "institutional" home equity loan? It's a home equity loan that you get from one of The Mortgage Store Online's institutional mortgage lenders, which are banks and trust companies.

By getting your home equity mortgage loan from an institutional lender, you'll get a lower rate than you would if you used one of The Mortgage Store Online's private lenders. Institutional mortgage lenders offer much lower rates for their clients (i.e. you).

So by choosin' an institutional home equity loan as opposed to a private one, you'll get a lower rate and in turn, a low cost home equity loan.

Apply for a home equity mortgage-loan today!

Short term home equity mortgage loan

By getting the "short term" home equity mortgage loan - you'll get a lower rate than you would with a home equity mortgage loan that has a longer term.

Short term home equity mortgage loans usually have term lengths between one year to five years. What's a term? A mortgage-term is the length of time that you keep your mortgage before you have to renew it (refinance it) or are allowed to completely pay it off without being charged a fee for doin' so.

If you get a one year term, you'll get the lowest rate you can from a short term for your home equity loan. And that means your home equity mortgage loan will be low cost. Even if you get a three year term, or a five year term, your rate will still be as low as rates can come. Which means any home equity mortgage loan that you get with a term of 1-5 years will give you a darn good rate.

Apply for a home equity mortgage-loan today!

Combo of all of the above

Although it's not always possible, depending on your home equity situation, you could get the lowest cost home equity mortgage loan, by getting this "combo:"

With this type of home equity mortgage loan, you would have a rate that's always a 3/4% below the economy's prime rate (so the lowest rate known to man). And you'd have a term of 1-5 years in length. And you would be getting your home equity loan "mortgage-money" from an institutional lender.

Get a home equity mortgage-loan: you can apply online!

Want more information on home equity mortgage loan topics? Contact The Mortgage Store Online's brokers by using the home equity contact form or by calling them at 1-866-880-2577.

<< return to home equity mortgage loan articles