# What Home Equity APR Could This Person Expect?

**URL:** <https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737>\
**Category:** Factual Questions\
**Created:** [October 24, 2005, 10:05pm UTC](https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737 "2005-10-24T22:05:30Z")\
**Posts on this page:** 5\
**Page:** 1

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**Author:** ![Mr.Slant](https://avatars.discourse-cdn.com/v4/letter/m/c57346/32.png) [@Mr.Slant](https://boards.straightdope.com/u/Mr.Slant)\
**Post date:** [October 24, 2005, 10:05pm UTC](https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737/1 "2005-10-24T22:05:30Z")

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Just posting some stats for a friend who is considering refinancing their home equity loan from variable to fixed, in hopes that someone will let me know what a normal rate would be.

Desired Product: Home Equity Loan or Home Equity Line of Credit  
Desired Loan Amount: $15K  
Home Value: $200K  
Mortgage Status: Paid Off  
Current Loans Against Property: $15K  
Annual Income: $24K  
FICO Score: 701  
Intent of loan: Pay off old loan against property.

Thanks in advance, FinanceDopers.

PS- Sorry if this was in the wrong forum. I couldn’t figure out if it should be IMHO or GQ. Lemme know if I was wrong.

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**Author:** ![Mr.Slant](https://avatars.discourse-cdn.com/v4/letter/m/c57346/32.png) [@Mr.Slant](https://boards.straightdope.com/u/Mr.Slant)\
**Post date:** [October 25, 2005, 11:00am UTC](https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737/2 "2005-10-25T11:00:39Z")

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Oh yeah. If it matters, the prospective borrower has no substantial debts _or assets_ aside from the house. The borrower’s car was paid under the existing home equity loan.

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**Author:** ![Grrr](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/grrr/32/146_2.png) [@Grrr](https://boards.straightdope.com/u/Grrr)\
**Post date:** [October 25, 2005, 12:04pm UTC](https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737/3 "2005-10-25T12:04:58Z")

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24K a year and the $200k home is paid off?? :eek:

Wow, just wow…  
Anyway, if you google “Home loan calculators” you’ll get at least a ‘ba-gillion’ or so links that can help your freind out with exactly this sort of thing. It’ll even tell you what your monthly payments would be as well.

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**Author:** ![Ottoerotic](https://avatars.discourse-cdn.com/v4/letter/o/6de8d8/32.png) [@Ottoerotic](https://boards.straightdope.com/u/Ottoerotic)\
**Post date:** [October 25, 2005, 12:37pm UTC](https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737/4 "2005-10-25T12:37:06Z")

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At the bank that I work for you should expect a rate between Prime+.5 to Prime +1.75, or 7.25% - 8.50% Depending on how good your credit is. There are better deals offered for HELOC’s but they usually involve higher balances, closing costs (none with us), or a fee if you cancel your line within 2 years (which we also don’t have)

Thats the thing with banks, if you don’t pay it in interest charges you’ll pay it in fees.

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**Author:** ![Mr.Slant](https://avatars.discourse-cdn.com/v4/letter/m/c57346/32.png) [@Mr.Slant](https://boards.straightdope.com/u/Mr.Slant)\
**Post date:** [October 26, 2005, 3:15am UTC](https://boards.straightdope.com/t/what-home-equity-apr-could-this-person-expect/327737/5 "2005-10-26T03:15:50Z")

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> [@SHAKES](#):
>
> 24K a year and the $200k home is paid off?? :eek:
> 
> SNIP

Yeah. I know. I was surprised when I found out too.  
That home _really_ started appreciating after it was paid for, in cash, over a decade ago, and the household in question is very into living below your means.  
That household’s _current_ income is $24K, but ten years ago that household had $80K in annual income, etc.