HOME REMODELING LOAN
Tip: If your improvements include energy-efficient upgrades (insulation, thermal windows, new HVAC system), you might also qualify for energy-saving loans through local utilities or related businesses. It's worth investigating!
North Palm Beach, Fla. -- Sept. 14, 2005 The average rate on a $30,000 home equity loan in the United States remained unchanged at 7.21 percent on Wednesday, according to a survey of $30,000 home equity loan rates released Wednesday.
A $30,000 home equity loan is a loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years. Someone taking out a $30,000 home equity loan at the current average would pay $597.01 a month for the life of the loan.
Nationally, the highest rate on a $30,000 home equity loan was 11.27 percent. The lowest rate was 4.99 percent. Six months ago, the average rate was 6.88 percent.