Equity Loan's Fees and Charges

Although most borrowers look at the interest rate when comparing loan quotations, it pays to look also the fees and charges for establishing the loan.

The APRs of second mortgage, home equity loan has taken into account the interest charges and all other fees. But the APRs of home equity line of credit are based on the variable interest rates and do not include other charges.

So, if you opt for equity line of credit loan you'll need to compare both costs and the APRs among lenders.