Do you currently carry high interest revolving credit on credit cards, cars & other personal loans? You may be able to leverage a home equity line of credit (HELOC) to lower your monthly debt payments. Lenders typically allow borrowers to receive up to 80% of their home equity, though the precise LTV limit will depende on broader market conditions, your credit score and how valuable your customer relationship is to the bank.
We list current El Monte HELOC & home equity loan rates as well as current El Monte mortgage rates to help you perform your calculations and select a lender.
Our rate table lists current home equity offers in your area, which you can use to find a local lender or compare against other loan options. From the [loan type] select box you can choose between HELOCs and home equity loans of a 5, 10, 15, 20 or 30 year duration.
Our rate table lists current home equity offers in your area, which you can use to find a local lender or compare against other loan options. From the [loan type] select box you can choose between HELOCs and home equity loans of a 5, 10, 15, 20 or 30 year duration.
How much money could you save? Compare lenders serving El Monte to find the best loan to fit your needs & lock in low rates today!
By default 30-yr fixed-rate refinance loans are displayed in the table below. Filters enable you to change the loan amount, duration, or loan type.
A Home Equity Line of Credit, or HELOC, is a loan made on the amount you have acquired in home equity. Though you are still paying off your home, you can borrow on the value of your home that you have already paid off. If you have been living in your home for only a few years, you may have very little equity or even no equity. However, if you have been living in your house for a decade or more, you could have tens of thousands of dollars available to borrow.
A HELOC can come in handy if you want to add on to your home, remodel, or pay off other debts, such as credit cards, car loans or medical bills. However, you should carefully consider your options before making this choice to take out an additional line of credit. Understanding the advantages and disadvantages can help you to make the choice.
There are many benefits to taking out a home-equity loan.
Lower Your Interest Expenses
A HELOC can help you to lower your debt payments by lowering your interest rate. For example, on October 8, 2020, the national average interest rate for a 30-year fixed rate mortgages was 2.87 percent, while the average credit card interest rate on cards assessed interest stood at 16.43 percent in August 2020. Though lines of credit may have a variable interest rate and a shorter term than a 30-year mortgage (anywhere from 5 to 15 years), the rate is still likely to be significantly lower than that of most credit cards and other forms of consumer debt. A good rule of thumb is HELOCs often charge between 2% to 5% more than first mortgages.
By lowering your interest rate, you may be able to pay off your debt more quickly. Making the minimum payment on your credit cards can take you years to pay off your debts. By consolidating your debt with a HELOC, you can make one monthly payment with a lower interest rate, allowing you to both pay less each month and to pay off your debt more quickly. Depending on the amount of your debt, you could save several thousand dollars in interest charges in the first year alone.
A responsibly used HELOC gives you the spending flexibility of a credit card with much lower interest rates.
In the past interest paid on home equity loans and HELOCs was tax deductible, but the 2018 tax bill no longer allows the deductiblility of equity debt unless it was taken on to build or substantially improve the homeowner's dwelling. Interest due on first mortgage debt still remains tax deductible.
There are a few disadvantages of taking out a HELOC, mostly dependent on your own spending habits.
You Could Clear High Interst Debts Only to Replace Them Again
When you pay off your credit cards, you clear up a significant line of credit. No longer are your cards maxed out, and no longer do you have to be careful about using them. This may tempt you to spend more freely, which could lead to the accumulation of more credit card debt. Before you know it, you could max out your cards again, and then you would have the same credit cad debt you did before in addition to your monthly HELOC payment.
You Could Lose Your Home!
When you consolidate your debt, you also move them from unsecured to secured status. If you defaulted on your credit card payments, the only recourse your creditors had was to report it to the credit bureaus. If you default on your HELOC, your creditor can foreclose on your home.
1
The Federal Reserve offset the Dot Com bubble crash by holding interest rates low. That, in turn, caused a boom in the housing market, as asset prices re-rated to reflect lower interest expenses and investors seeking yields. Ahead of the 2008 Great Recession many homeowners treated their homes like piggy banks. The total second mortgage debt outstanding went from $349 billion at the end of 1999 to above a trillion dollars in early 2006.
2
Second mortgage debt peaked at $1.138 trillion in October 2007 and had fallen below a half trillion dollars by early 2020. Due to low interest rates after the COVID-19 crash and first mortgages charging lower rates than HELOCs, many homeowners have opted for cash out refinancing instead of obtaining a second mortgage. The total outstanding home equity debt bottomed out at $436.7 trillion at the end of 2021.
3
Since then, the Federal Reserve rate hiking cycle has encouraged homeowners to keep their existing low-rate first mortgages rather than refinancing & get a HELOC to tap growing home equity. Second mortgage debt has grown around 2% per quarter (or roughly 8% annually) since the Federal Reserve began hiking interest rates in earnest after higher than expected inflation emerged in 2021.
The following table lists quarterly home equity loan volume data in millions of dollars.
| Date | Home Equity Loan Debt (millions) | Quarterly Δ (millions) | Quarterly Δ | Yearly Δ (millions) | Yearly Δ |
|---|---|---|---|---|---|
| 10/1/1990 | $214,685 | ||||
| 1/1/1991 | $216,610 | $1,925 | 0.897% | ||
| 4/1/1991 | $220,573 | $3,963 | 1.830% | ||
| 7/1/1991 | $222,130 | $1,557 | 0.706% | ||
| 10/1/1991 | $221,994 | -$136 | -0.061% | $7,309 | 3.405% |
| 1/1/1992 | $219,229 | -$2,765 | -1.246% | $2,619 | 1.209% |
| 4/1/1992 | $218,756 | -$473 | -0.216% | -$1,817 | -0.824% |
| 7/1/1992 | $219,991 | $1,235 | 0.565% | -$2,139 | -0.963% |
| 10/1/1992 | $217,107 | -$2,884 | -1.311% | -$4,887 | -2.201% |
| 1/1/1993 | $215,572 | -$1,535 | -0.707% | -$3,657 | -1.668% |
| 4/1/1993 | $215,442 | -$130 | -0.060% | -$3,314 | -1.515% |
| 7/1/1993 | $214,378 | -$1,064 | -0.494% | -$5,613 | -2.551% |
| 10/1/1993 | $210,376 | -$4,002 | -1.867% | -$6,731 | -3.100% |
| 1/1/1994 | $208,700 | -$1,676 | -0.797% | -$6,872 | -3.188% |
| 4/1/1994 | $214,092 | $5,392 | 2.584% | -$1,350 | -0.627% |
| 7/1/1994 | $219,102 | $5,010 | 2.340% | $4,724 | 2.204% |
| 10/1/1994 | $221,795 | $2,693 | 1.229% | $11,419 | 5.428% |
| 1/1/1995 | $224,620 | $2,825 | 1.274% | $15,920 | 7.628% |
| 4/1/1995 | $232,082 | $7,462 | 3.322% | $17,990 | 8.403% |
| 7/1/1995 | $236,441 | $4,359 | 1.878% | $17,339 | 7.914% |
| 10/1/1995 | $237,465 | $1,024 | 0.433% | $15,670 | 7.065% |
| 1/1/1996 | $237,781 | $316 | 0.133% | $13,161 | 5.859% |
| 4/1/1996 | $248,020 | $10,239 | 4.306% | $15,938 | 6.867% |
| 7/1/1996 | $253,915 | $5,895 | 2.377% | $17,474 | 7.390% |
| 10/1/1996 | $262,553 | $8,638 | 3.402% | $25,088 | 10.565% |
| 1/1/1997 | $268,787 | $6,234 | 2.374% | $31,006 | 13.040% |
| 4/1/1997 | $280,835 | $12,048 | 4.482% | $32,815 | 13.231% |
| 7/1/1997 | $290,615 | $9,780 | 3.482% | $36,700 | 14.454% |
| 10/1/1997 | $296,982 | $6,367 | 2.191% | $34,429 | 13.113% |
| 1/1/1998 | $298,023 | $1,041 | 0.351% | $29,236 | 10.877% |
| 4/1/1998 | $301,718 | $3,695 | 1.240% | $20,883 | 7.436% |
| 7/1/1998 | $305,882 | $4,164 | 1.380% | $15,267 | 5.253% |
| 10/1/1998 | $309,933 | $4,051 | 1.324% | $12,951 | 4.361% |
| 1/1/1999 | $311,110 | $1,177 | 0.380% | $13,087 | 4.391% |
| 4/1/1999 | $313,676 | $2,566 | 0.825% | $11,958 | 3.963% |
| 7/1/1999 | $326,274 | $12,598 | 4.016% | $20,392 | 6.667% |
| 10/1/1999 | $334,344 | $8,070 | 2.473% | $24,411 | 7.876% |
| 1/1/2000 | $349,285 | $14,941 | 4.469% | $38,175 | 12.271% |
| 4/1/2000 | $370,280 | $20,995 | 6.011% | $56,604 | 18.045% |
| 7/1/2000 | $389,117 | $18,837 | 5.087% | $62,843 | 19.261% |
| 10/1/2000 | $407,940 | $18,823 | 4.837% | $73,596 | 22.012% |
| 1/1/2001 | $411,452 | $3,512 | 0.861% | $62,167 | 17.798% |
| 4/1/2001 | $428,584 | $17,132 | 4.164% | $58,304 | 15.746% |
| 7/1/2001 | $440,924 | $12,340 | 2.879% | $51,807 | 13.314% |
| 10/1/2001 | $438,935 | -$1,989 | -0.451% | $30,995 | 7.598% |
| 1/1/2002 | $452,147 | $13,212 | 3.010% | $40,695 | 9.891% |
| 4/1/2002 | $477,666 | $25,519 | 5.644% | $49,082 | 11.452% |
| 7/1/2002 | $497,930 | $20,264 | 4.242% | $57,006 | 12.929% |
| 10/1/2002 | $500,724 | $2,794 | 0.561% | $61,789 | 14.077% |
| 1/1/2003 | $516,650 | $15,926 | 3.181% | $64,503 | 14.266% |
| 4/1/2003 | $536,416 | $19,766 | 3.826% | $58,750 | 12.299% |
| 7/1/2003 | $559,473 | $23,057 | 4.298% | $61,543 | 12.360% |
| 10/1/2003 | $593,376 | $33,903 | 6.060% | $92,652 | 18.504% |
| 1/1/2004 | $618,927 | $25,551 | 4.306% | $102,277 | 19.796% |
| 4/1/2004 | $674,414 | $55,487 | 8.965% | $137,998 | 25.726% |
| 7/1/2004 | $729,984 | $55,570 | 8.240% | $170,511 | 30.477% |
| 10/1/2004 | $775,931 | $45,947 | 6.294% | $182,555 | 30.765% |
| 1/1/2005 | $805,480 | $29,549 | 3.808% | $186,553 | 30.141% |
| 4/1/2005 | $854,580 | $49,100 | 6.096% | $180,166 | 26.714% |
| 7/1/2005 | $885,345 | $30,765 | 3.600% | $155,361 | 21.283% |
| 10/1/2005 | $917,952 | $32,607 | 3.683% | $142,021 | 18.303% |
| 1/1/2006 | $950,107 | $32,155 | 3.503% | $144,627 | 17.955% |
| 4/1/2006 | $1,002,574 | $52,467 | 5.522% | $147,994 | 17.318% |
| 7/1/2006 | $1,039,498 | $36,924 | 3.683% | $154,153 | 17.412% |
| 10/1/2006 | $1,069,421 | $29,923 | 2.879% | $151,469 | 16.501% |
| 1/1/2007 | $1,083,101 | $13,680 | 1.279% | $132,994 | 13.998% |
| 4/1/2007 | $1,104,530 | $21,429 | 1.978% | $101,956 | 10.169% |
| 7/1/2007 | $1,128,836 | $24,306 | 2.201% | $89,338 | 8.594% |
| 10/1/2007 | $1,138,004 | $9,168 | 0.812% | $68,583 | 6.413% |
| 1/1/2008 | $1,135,801 | -$2,203 | -0.194% | $52,700 | 4.866% |
| 4/1/2008 | $1,136,731 | $930 | 0.082% | $32,201 | 2.915% |
| 7/1/2008 | $1,127,586 | -$9,145 | -0.804% | -$1,250 | -0.111% |
| 10/1/2008 | $1,124,438 | -$3,148 | -0.279% | -$13,566 | -1.192% |
| 1/1/2009 | $1,106,632 | -$17,806 | -1.584% | -$29,169 | -2.568% |
| 4/1/2009 | $1,084,495 | -$22,137 | -2.000% | -$52,236 | -4.595% |
| 7/1/2009 | $1,061,002 | -$23,493 | -2.166% | -$66,584 | -5.905% |
| 10/1/2009 | $1,041,287 | -$19,715 | -1.858% | -$83,151 | -7.395% |
| 1/1/2010 | $1,022,112 | -$19,175 | -1.841% | -$84,520 | -7.638% |
| 4/1/2010 | $1,004,016 | -$18,096 | -1.770% | -$80,479 | -7.421% |
| 7/1/2010 | $983,654 | -$20,362 | -2.028% | -$77,348 | -7.290% |
| 10/1/2010 | $928,694 | -$54,960 | -5.587% | -$112,593 | -10.813% |
| 1/1/2011 | $905,282 | -$23,412 | -2.521% | -$116,830 | -11.430% |
| 4/1/2011 | $884,978 | -$20,304 | -2.243% | -$119,038 | -11.856% |
| 7/1/2011 | $869,198 | -$15,780 | -1.783% | -$114,456 | -11.636% |
| 10/1/2011 | $853,678 | -$15,520 | -1.786% | -$75,016 | -8.078% |
| 1/1/2012 | $831,836 | -$21,842 | -2.559% | -$73,446 | -8.113% |
| 4/1/2012 | $812,445 | -$19,391 | -2.331% | -$72,533 | -8.196% |
| 7/1/2012 | $792,453 | -$19,992 | -2.461% | -$76,745 | -8.829% |
| 10/1/2012 | $771,765 | -$20,688 | -2.611% | -$81,913 | -9.595% |
| 1/1/2013 | $747,980 | -$23,785 | -3.082% | -$83,856 | -10.081% |
| 4/1/2013 | $730,523 | -$17,457 | -2.334% | -$81,922 | -10.083% |
| 7/1/2013 | $715,413 | -$15,110 | -2.068% | -$77,040 | -9.722% |
| 10/1/2013 | $702,998 | -$12,415 | -1.735% | -$68,767 | -8.910% |
| 1/1/2014 | $690,688 | -$12,310 | -1.751% | -$57,292 | -7.660% |
| 4/1/2014 | $684,434 | -$6,254 | -0.905% | -$46,089 | -6.309% |
| 7/1/2014 | $679,598 | -$4,836 | -0.707% | -$35,815 | -5.006% |
| 10/1/2014 | $673,054 | -$6,544 | -0.963% | -$29,944 | -4.259% |
| 1/1/2015 | $660,764 | -$12,290 | -1.826% | -$29,924 | -4.332% |
| 4/1/2015 | $652,763 | -$8,001 | -1.211% | -$31,671 | -4.627% |
| 7/1/2015 | $643,351 | -$9,412 | -1.442% | -$36,247 | -5.334% |
| 10/1/2015 | $641,913 | -$1,438 | -0.224% | -$31,141 | -4.627% |
| 1/1/2016 | $630,694 | -$11,219 | -1.748% | -$30,070 | -4.551% |
| 4/1/2016 | $624,900 | -$5,794 | -0.919% | -$27,863 | -4.268% |
| 7/1/2016 | $614,051 | -$10,849 | -1.736% | -$29,300 | -4.554% |
| 10/1/2016 | $600,750 | -$13,301 | -2.166% | -$41,163 | -6.413% |
| 1/1/2017 | $590,391 | -$10,359 | -1.724% | -$40,303 | -6.390% |
| 4/1/2017 | $584,447 | -$5,944 | -1.007% | -$40,453 | -6.474% |
| 7/1/2017 | $576,707 | -$7,740 | -1.324% | -$37,344 | -6.082% |
| 10/1/2017 | $569,883 | -$6,824 | -1.183% | -$30,867 | -5.138% |
| 1/1/2018 | $555,118 | -$14,765 | -2.591% | -$35,273 | -5.975% |
| 4/1/2018 | $546,767 | -$8,351 | -1.504% | -$37,680 | -6.447% |
| 7/1/2018 | $538,213 | -$8,554 | -1.564% | -$38,494 | -6.675% |
| 10/1/2018 | $533,306 | -$4,907 | -0.912% | -$36,577 | -6.418% |
| 1/1/2019 | $523,957 | -$9,349 | -1.753% | -$31,161 | -5.613% |
| 4/1/2019 | $518,973 | -$4,984 | -0.951% | -$27,794 | -5.083% |
| 7/1/2019 | $509,539 | -$9,434 | -1.818% | -$28,674 | -5.328% |
| 10/1/2019 | $501,333 | -$8,206 | -1.610% | -$31,973 | -5.995% |
| 1/1/2020 | $495,315 | -$6,018 | -1.200% | -$28,642 | -5.466% |
| 4/1/2020 | $474,066 | -$21,249 | -4.290% | -$44,907 | -8.653% |
| 1/1/2021 | $421,659 | -$52,407 | -11.055% | -$87,880 | -17.247% |
| 4/1/2021 | $460,687 | $39,028 | 9.256% | -$40,646 | -8.108% |
| 7/1/2021 | $452,098 | -$8,589 | -1.864% | -$43,217 | -8.725% |
| 10/1/2021 | $446,204 | -$5,894 | -1.304% | -$27,862 | -5.877% |
| 1/1/2022 | $436,705 | -$9,499 | -2.129% | $15,046 | 3.568% |
| 4/1/2022 | $452,015 | $15,310 | 3.506% | -$8,672 | -1.882% |
| 7/1/2022 | $466,055 | $14,040 | 3.106% | $13,957 | 3.087% |
| 10/1/2022 | $478,068 | $12,013 | 2.578% | $31,864 | 7.141% |
| 1/1/2023 | $480,761 | $2,693 | 0.563% | $44,056 | 10.088% |
| 4/1/2023 | $489,533 | $8,772 | 1.825% | $37,518 | 8.300% |
| 7/1/2023 | $500,716 | $11,183 | 2.284% | $34,661 | 7.437% |
| 10/1/2023 | $512,339 | $11,623 | 2.321% | $34,271 | 7.169% |
Data source: FRED data from the Board of Governors of the Federal Reserve System Z.1 Financial Accounts of the United States
Ultimately, whether a HELOC is the best idea for you depends entirely on your current financial situation and how much debt you have. The above calculator can help you make the decision by comparing the expenses you will pay with a HELOC with those you will pay on your other debts. For example, the calculator takes into account interest rate and loan term, as well as the closing costs and your estimated tax savings. It then compares that to all of the debts you plan to consolidate, including the amount you owe on your auto loan, credit cards and other accounts, your monthly payment and your interest rates. The calculator provides an easy monthly payment comparison to help you determine how much money you can save.
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