Home equity loan, a primer
Rates for mortgage loans are at the lowest point since Freddie Mac began following the trends in rates 28 years ago. Lower rates seem to be the one silver lining for consumers caught in the economic downturn, particularly for those who could not afford to purchase a home during the run up in the housing market. Many of those consumers have decided to take advantage of the low rates for mortgage loans to purchase a home. Others are taking advantage of the low rates to refinance their current mortgage loans. Although the interest rates are enticing, lending institutions now have much tighter lending standards.