15 year home equity loan rates: practical ways to lock savings

Two weeks after a roof leak, I ran numbers at the kitchen table: a 15-year home equity loan near 6 - 7% beat carrying high-interest balances, albeit with closing costs.

What shapes the rate - and your savings

• Credit score and equity set pricing; more equity often lowers the rate, almost always - though not always.
• Loan size and term matter; 15 years trades lower payments for more total interest than 10.
• Watch fees; a slightly higher APR with lower costs can still win.

Evaluate before you lock

1. Check 15 year home equity rates today across three lenders.
2. Compare home equity loan vs HELOC for flexibility and risk.
3. Use a home equity loan calculator to model payoff and break-even.
4. Weigh cash-out refinance vs home equity loan if your first-mortgage rate is precious.
5. Shortlist the best home equity loan lenders, then negotiate points.