Home prices in certain areas of Washington have seen double digit growth in the last year alone. These record breaking home appreciation increases have been happening for the last six years. If you own a home in Washington, you have probably built an enormous amount of equity. With a Washington home equity loan, you could draw some of this stockpiled cash from your home and get out of debt almost instantly.
Why Use an Equity Loan to Pay Off Debt?
High interest debt can cost you a fortune. If you have a lot of debt, it can take ages to pay it off. By getting a Washington home equity loan, you eliminate the waiting and pay your debts off immediately. Then, you are left with only one loan and one convenient monthly payment.
Home Equity Loan Rates in Washington
Unsecured loan rates in Washington average 15.39 percent. The average credit card rate is 21 percent. These rates seem astronomical when compared to home equity loan rates. Rates on Washington home equity loans are currently averaging 7.63 percent. By getting a home equity loan, you can literally save yourself thousands of dollars in interest payments. And because the loan is secured by your home, you will have an additional tax benefit every year.
Qualifying for a Home Equity Loan
If your debt is really out of control, you may have tarnished your credit a bit. Fortunately, this will not stop you from qualifying for a Washington refinance loan. You will be required to pay a higher rate, but you will have no problem finding a lender to work with you.
Visit Washington Lending Center to see our Top 3 Home Equity Lenders in Washington , whether you are looking for home purchase, refinance or a home equity loan.