Lower home equity loan rates

Lowering your home equity loan rate can free up cash flow for your business. With the recent run-up in real estate prices, a lot of business owners have used their home equity to secure loans that they then use to finance their consulting businesses.  In a previous post, I shared some thoughts about getting a line of credit for your new consulting business. I still think you’re better to set up a line of credit that isn’t tied to your home, because you don’t want to put your home at risk. However, if you’ve already secured a HELOC (home equity line of credit) and you’re fine with the risk, you should do your best to shop around for a better rate. Research home equity loan rates — the web is a great resource — then call your lender and ask for a lower rate. You’d be surprised how often you can get a better rate just by asking. Your lender will probably ask for an update on the value of your home and other assets, as well as your household income. Spending a few minutes with your lender may result in a better rate and a substantial savings for you. If your lender won’t budge, try talking to other lenders. Shopping around often results in a better rate.

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