Compare home equity loan rates in Arkansas.

Introduction to Home Equity Loan Rates

A home equity loan lets Arkansas homeowners take advantage of the equity they’ve built up in their home to fund big-ticket projects or cover unexpected bills. In this guide, we’ll cover everything you need to know about home equity loans interest rates in Arkansas. We’ll help you find the best rates in the state and understand the key factors that influence your home loan’s rates and terms. Why? Because even a small difference in interest rate can save you thousands of dollars over the life of a home equity loan.

How Do Home Equity Loans Work?

Before we get into interest rates, let’s clarify what is a home equity loan. It’s an installment loan, sometimes referred to as a second mortgage, that uses your home as collateral. Home equity loans typically come with a lower interest rate than a personal loan, and the interest rate is usually fixed, so your payments will remain consistent. The downside is that if you default, your home could go into foreclosure.

To qualify, you’ll need to have at least 20% equity in your home. To determine your maximum loan amount, your lender will calculate your combined loan-to-value ratio (CLTV), or your mortgage balance plus the amount you want to borrow, divided by the appraised value of your home. Most lenders require your CLTV to be 85% or less for a home equity loan or home equity line of credit (HELOC).

Let’s say your home is appraised at $300,000 and your mortgage owed is $200,000.

•  $300,000 X 85% = $255,000

•  $255,000 – $200,000 = $55,000 Max loan amount

Your maximum loan amount is $55,000, a generous sum that can be used for just about anything: home improvements, education, medical bills, or debt consolidation.

Where Do Home Equity Loan Interest Rates Originate?

The interest rates on home equity loans are a product of various economic influences, with the prime rate playing a significant role. The prime rate is what banks charge their most creditworthy clients. Additionally, Federal Reserve policy decisions regarding interest rates can nudge home equity loan rates up or down.

By grasping these factors, you’re better equipped to anticipate rate changes and make well-informed decisions about when and how to get equity out of your home.

How Interest Rates Impact Home Equity Loan Affordability

The interest rate you secure can have a big impact on your ability to pay down your loan. For example, a 20-year home equity loan of $100,000 with an interest rate of 7.50% would mean a monthly payment of $806. The table below shows you how that monthly payment will change if you alter the loan amount, interest rate, or loan term.

What’s even more striking is the difference in total interest you’ll pay over the life of the loan. For example, a 1% difference in interest rate on a $100,000 home equity loan repaid over 20 years comes to more than $14,000 in interest, either paid or saved!

Home Equity Loan Rate Trends

The prime interest rate is a key number in the financial world, and it can tell you a lot about what to expect with home equity loan rates.

Historical Prime Interest Rates

Since 2018, the U.S. Prime Rate has fluctuated significantly. It has been as low as 3.25% and as high as 8.50%. These changes have an impact on the rates that consumers pay for financial products. This includes home equity rates in Arkansas.

The graphic below shows an even longer history of the prime rate over the last 50 years. See any patterns?

Source: TradingView.com

Factors Influencing Home Equity Loan Rates

In Arkansas as elsewhere in the country, macroeconomic factors combine with microeconomic ones to produce your home equity loan interest rate. In other words, you as a borrower exercise some control over the rates you’re given. Your credit score, loan-to-value ratio, home value, property location, and lender policies all play a part.

Credit Score

If you’re someone who’s been diligent about making timely payments, you’re in a great position to secure a more favorable Arkansas home equity loan rate. Lenders usually look for a credit score of 680 or higher when considering different types of home equity loans, but many express a strong preference for scores of 700 or above. Why? It’s all about your history of responsible financial behavior.

Loan-to-Value (LTV) Ratio

As we noted above, the loan-to-value (LTV) ratio is a key factor in determining your maximum loan amount. The LTV ratio is calculated by dividing your mortgage balance plus loan amount by the appraised value of the property. Most lenders will approve an LTV up to 85%. For example, if you want to take out a $25,000 home equity loan on a house that’s appraised at $200,000, and you have $50,000 left on your mortgage, then your LTV will be 37.5%: $50,000 + $25,000 / $200,000 = 37.5%.

Home Value

Lenders will generally use an independent home appraisal to determine the value of your home and the amount of equity you have. The appraised value is a critical factor in determining your equity and the maximum amount of the loan that the lender is willing to extend. It also plays a role in the interest rate you’ll be charged and other terms of the loan.

Home Value Stability

The ups and downs of home values can have a big impact on the equity you can tap into. When values are on the rise, lenders are often more willing to approve larger loans, as the increased value of your property helps mitigate their risk. But if values take a dip, lenders may tighten their criteria, and you could find yourself with fewer options. This is especially true in certain areas of Arkansas, where the local market can have a big impact on the terms and availability of home equity loans.

Property Location

Living in areas with a higher risk of natural disasters can mean higher interest rates. High-risk areas often include places that are more prone to severe weather and natural disasters, like hurricanes, flooding, and wildfires. These disasters can cause significant damage to properties, which makes lending riskier. For example, Arkansas home equity loan rates may be higher because of the state’s risk of flooding and other natural disasters.

Lender Policies

Your chosen lender’s policies can affect the interest rate you’re offered. To make sure you’re getting the best deal, it’s important to shop around and compare interest rates, fees, and closing costs from multiple lenders. By doing your homework and comparing your options, you may be able to secure more favorable terms and save money in the long run.

Recommended: HELOC Repayment Calculator

How to Qualify for the Lowest Rates

To get the best home equity loan rates, you need to have a good credit score, manage your debt-to-income ratio, have adequate property insurance, and maintain a good amount of equity in your home. By doing these things, you can improve your chances of qualifying for the best loan terms and get yourself in a good position to access your home equity.

Build a Strong Credit Score

Your credit score can make all the difference when it comes to securing the best rates for Arkansas home equity loans. Those with a solid credit history often find themselves eligible for more favorable terms, which can translate to significant savings on interest over the life of the loan. By staying on top of your credit and making sound financial decisions, you can position yourself for greater financial benefits when the time comes.

Manage Debt-to-Income Ratio

When you’re ready to apply for a home equity loan, your debt-to-income (DTI) ratio is a key player in the eligibility game. Lenders generally look for a DTI between 36% and 50%. This ratio gives them a good sense of whether you can handle your current debts and still manage the additional monthly payments that come with a home equity loan.

Obtain Adequate Property Insurance

For home equity loans, lenders often require robust property insurance to safeguard their investment. This means you might need to consider additional coverage, such as flood insurance, to ensure you’re fully protected. It’s a smart move that not only benefits you but also gives your lender peace of mind.

Maintain Sufficient Home Equity

You’ve got to keep a solid 20% equity in your property to qualify for a home equity loan. That equity is a big deal and plays a major role in whether you can snag that loan, for how much, and at what rate.

Fixed vs. Variable Interest Rates

Home equity loans are often set up with fixed interest rates. This means you enjoy the security of knowing what your monthly payments will be for the life of the loan. While fixed rates can start out a little higher than variable rates, they can be a great choice for homeowners in Arkansas who want to know exactly what to expect from their loan.

This is an important consideration when deciding between a HELOC vs home equity loan. HELOCs typically have variable rates, which may start out lower but can increase significantly depending on market conditions.

Tools & Calculators

Take full advantage of our online tools and financial calculators to get a clear picture of your eligibility for home equity loans and lines of credit. Use the results to help you make the best financial decision for your needs. Below you’ll find a home equity loan calculator as well as a HELOC interest only calculator.

Closing Costs and Fees

Closing costs for a home equity loan generally fall between 2% and 5% of the loan amount. These fees can include the cost of an appraisal, credit report, document preparation, origination, notary, title search, and title insurance. Origination fees can be a percentage of the loan amount or a flat fee. Title insurance is typically 0.5% to 1% of the loan amount. Appraisal fees can range from $300 to $500. Some lenders offer no-closing-cost loans, but they may come with a higher interest rate. Be sure to shop around and compare fees from multiple lenders.

Tax Deductibility of Home Equity Loan Interest

Here’s the deal: In Arkansas, the interest you pay on a home equity loan can be a tax-deductible expense, but only if you use the funds for home improvements. The deduction limit is $750,000 for married couples and $375,000 for singles, and you’ll need to itemize your deductions to claim this benefit.

Alternatives to Home Equity Loans

There are several other options for tapping into your home equity. These include home equity lines of credit (HELOCs), home equity conversion mortgages (HECMs), and cash-out refinances. Each of these options has its own unique features and requirements.

Home Equity Line of Credit (HELOC)

A home equity line of credit (HELOC) is a bit like a credit card with lower interest rates. It empowers you to borrow up to a predetermined limit and pay interest solely on the amount you use. The variable interest rate, however, could potentially rise, leading to increased costs and payments. See the chart below for a quick look at what is a home equity line of credit compared to a home equity loan:

Home Equity Conversion Mortgage (HECM)

The HECM, a government-backed reverse mortgage, is an option for homeowners 62 and older. It allows you to receive payments based on your home’s value, either as a lump sum, regular payments, or a line of credit. The beauty of it? You won’t need to make payments until you leave your home. (While SoFi doesn’t offer HECMs at this time, we do offer HELOCs and home equity loans.)Cash-Out Refinance

A type of mortgage refinance, a cash-out refinance involves replacing your current mortgage with a new one and pocketing the difference. Most lenders allow you to borrow up to 85% of your home’s value. Home equity loans and HELOCs require at least 20% equity, while reverse mortgages have no equity requirement but do have an age stipulation. To crunch the numbers and see what fits, try our HELOC Monthly Payment Calculator.

Recommended: Cash Refinance vs Home Equity Line of Credit

The Takeaway

Home equity loans are a great way to tap into the value of your home to meet a variety of financial needs. By understanding current interest rates, different borrowing options, and how fees and terms vary among lenders, you can make wiser financial decisions.

FAQ

What will you be paying each month on a $50,000 home equity loan?

Calculating the monthly payment on a $50,000 home equity loan is simple. Use a loan calculator to input the loan amount, interest rate, and loan term. The calculator will then provide an estimate of your monthly payment. For example, a loan with an 8.00% interest rate and a 10-year term results in a monthly payment of $607. This can help you budget and plan for your monthly expenses.

What is the monthly payment on a $100,000 HELOC?

It’s important to understand that the monthly payment on a $100,000 home equity line of credit (HELOC) can fluctuate. This is due to two things: the current interest rate and how much of the credit line you’ve used. Assuming you draw the full amount and make no payments during the draw period, at 8.50% interest and a 20-year term, the payment would be $868. For a more accurate estimate of your monthly payment, we recommend using a HELOC monthly payment calculator.

What is the payment on a $25,000 home equity loan?

When you take out a home equity loan for $25,000, your interest rate and loan term will determine your payment amount. For a loan with an 8.00% interest rate and 10-year term, the monthly payment would be $303. You can use a loan calculator to come up with an estimate of your monthly payment. This can be a helpful starting point for figuring out how much you can expect to pay each month and planning your budget accordingly.

What would the payment be on a $30,000 home equity loan?

When you’re looking at a $30,000 home equity loan, the interest rate and the loan term will affect your payment. For example, a $30,000 loan at 8.00% repaid over 7 years gives you a monthly payment of $468. The same loan amount and interest rate repaid over 15 years lowers the monthly payment to $287 but increases the total interest paid. To get an idea of what your payment might be, you can use a loan calculator. This will give you a better sense of what you can expect and help you make a more informed decision.

What could disqualify you from getting a home equity loan?

There are a few things that can make you ineligible for a home equity loan, including a history of bad credit, not having enough equity in your home, a debt-to-income ratio that’s too high, not enough insurance on your home, not having a steady job, and having a recent bankruptcy or foreclosure on your record.

What are the benefits of a HELOC?

A home equity line of credit (HELOC) offers a number of benefits, including flexible borrowing options, lower interest rates than most credit cards, and the ability to pay interest only on the amount of credit you use. Other advantages of a HELOC include the ability to access funds when you need them, potential tax deductions, and the ability to use the money for a variety of purposes, such as home improvements, debt consolidation, and educational expenses.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

SOHL-Q424-064

Compare home equity loan rates in Nebraska.

Introduction to Home Equity Loan Rates

If you own a home in Nebraska and have been steadily making your mortgage payments, you may be interested in learning about home equity loan rates in the Cornhusker State. A home equity loan can help you tap into the equity you’ve built up in your property to achieve your goals, such as remodeling a kitchen or covering education expenses. In this guide, we’ll cover key factors that influence your rate, what to look for in a lender, and other ways to borrow.

How Do Home Equity Loans Work?

A home equity loan is a second mortgage that, like your original home loan, leverages your home as collateral. The loan amount is issued in a lump sum, and you repay it in equal monthly installments over a period of anywhere from five to 30 years. These loans often come with lower interest rates than unsecured personal loans, and the rate is typically fixed. To qualify, homeowners should have at least 20% equity in their primary residence. When considering home equity options, it’s crucial to weigh the benefits and risks of using your home as collateral.

Where Do Home Equity Loan Interest Rates Originate?

Now that you understand what a home equity loan is, it’s time to grasp where those all-important interest rates come from. Across the U.S., including in Nebraska, home equity loan interest rates are a product of economic factors, including the prime rate — the rate at which banks lend to their most creditworthy customers. Federal Reserve policy decisions also play a role as prime rates are set in response to rates set by the Fed. By understanding these factors, you can better anticipate rate fluctuations and make an informed decision when seeking a home equity loan.

How Interest Rates Impact Home Equity Loan Affordability

The interest rate you get on your home equity loan can have a big impact on how much you can borrow and the monthly payment. Over a 20-year term, a 1% difference in interest rate could mean a substantial difference in the amount of interest you’ll pay on the loan. This is why it’s important to shop around and compare home equity rates in Nebraska.

Let’s take a look at how that plays out if you borrow $50,000 with a 10-year term:

•  At 8.00% interest the monthly payment would be $607 and the total interest paid would be $22,797.

•  At 7.00% interest the monthly payment would be $581 and the total interest paid would be $19,665.

•  At 6.00% interest the monthly payment would be $555 and the total interest paid would be $16,612.

Home Equity Loan Rate Trends

The prime interest rate’s ups and downs are one thing to watch if you’re trying to predict where home equity loan rates are headed. If you’re thinking about getting a home equity loan in Nebraska, it helps to have a sense of the history of the rate. Since 2018, the prime rate has seen its fair share of ups and downs, with a low of 3.25% in 2020 and a high of 8.50% in 2023.

Historical Prime Interest Rates

Source: TradingView.com

Factors Influencing Home Equity Loan Rates

A wide variety of factors can influence the rate you receive on a home equity loan — and whether you’re able to get equity out of your home at all. By understanding these factors, you will be well-equipped to find the best rate for the loan you are looking for.

Credit Score

If you’ve been diligent in managing your credit and have a history of on-time payments, you’re more likely to get a lower interest rate. Most lenders in Nebraska prefer a credit score of 680 or higher when considering a home equity loan application, and many would rather see a score of 700 or above.

Home Value

Lenders are very careful when it comes to loaning money on a home. They will only loan up to a certain percentage of the home’s value. So you can expect a lender to require an appraisal of your property during the loan application process.

Loan-to-Value (LTV) Ratio

Once you have your home value pinned down, the lender will be able to determine your LTV ratio, which is a big deal when it comes to home equity loans. Most lenders will let you borrow up to 85% of your home’s value, but the exact number can vary. The higher your LTV, the higher your interest rate is likely to be.

In the case of a home equity loan, the combined amount of your remaining first mortgage and your new home equity loan will need to be under 85%. You can calculate your combined loan-to-value ratio (CLTV) easily:

Here’s an example of how that looks for a home that appraised for $300,000. Let’s say the owner owes $100,000 on the existing mortgage and wants to borrow $50,000 with a home equity loan:

  $100,000 + 50,000 = $150,000

  $150,000 ÷ $300,000 = .50

With a CTLV of 50%, this owner is in a good position to obtain the desired $50,000 loan.

Home Value Stability

The stability of home values is also important. If your home’s value is on the rise, lenders are more likely to approve larger loan amounts, since the property’s increased value provides a stronger financial cushion. On the flip side, if home values in your area are declining, lenders may be more conservative in approving loans.

Property Location

Where your property is located can also affect your interest rate. If you live in an area that’s considered at risk from extreme weather and natural disasters, such as wildfires, you may find that the interest rate you’re offered is higher.

Lender Policies

Lender policies have a big impact on the interest rates offered for home equity loans in Nebraska. And because different lenders have different policies, it’s important to shop around and examine the fine print at various lenders.

How to Qualify for the Lowest Rates

If it’s starting to feel like what interest rate you’ll be offered is largely out of your hands, take heart: There is actually a lot you can do to help ensure you’re offered the best home equity loan rates. Let’s have a look at these smart money moves:

Build a Strong Credit Score

A robust credit score is your ticket to favorable rates on home equity loans, a testament to your financial trustworthiness. Keep the score high by being prompt with payments and not maxing out your credit. These habits don’t just open doors to home equity loans; they also contribute to your overall financial health.

Manage Debt-to-Income Ratio

Lenders look at your debt-to-income (DTI) ratio to see how much of your monthly income goes toward paying debts. The lower your DTI, the better your chances of getting approved for a loan. To qualify for the best home equity loans in Nebraska, you’ll typically need a DTI on the lower end of the spectrum: 36% or less. But some lenders may accept a DTI as high as 50%.

Obtain Adequate Property Insurance

It’s not unusual for home loans of any kind to require adequate property insurance, especially in flood-prone areas. By making sure your property is properly insured, you can potentially get better loan terms, which can improve your overall financial situation and give you peace of mind.

Maintain Sufficient Home Equity

If you’re in Nebraska, it’s a good idea to have at least 20% equity in your home before applying for a home equity loan. Keeping an eye on your home’s current value and assessing your equity position can help you get the best interest rates for your loan.

Fixed vs. Variable Interest Rates

In Nebraska, as elsewhere in the U.S., home equity loans typically come with fixed interest rates. This means you can plan on making the same monthly payment for the entire life of the loan. While fixed rates provide peace of mind, they can sometimes start out higher than variable rates, which may begin lower but increase over time.

Tools & Calculators

To figure out if a Nebraska home equity loan is within reach and to pinpoint your potential borrowing power, you’ll want to use a calculator. There are calculators for HELOCs, too.

Closing Costs and Fees

Closing costs for home equity loans typically fall between 2-5% of the loan amount. These costs often include fees for an appraisal, credit report, document preparation, and title insurance. Appraisals can run $300-$500, and credit report fees $50-$100. Document preparation and attorney fees can vary widely, from $500-$2,000. Remember, no-closing-cost loans may seem appealing, but they often come with higher interest rates. It’s always wise to compare multiple lenders before making a decision.

Tax Deductibility of Home Equity Loan Interest

The interest on your home equity loan could be tax-deductible if you’re using it to significantly improve your home. There are limits, though. You can deduct the interest you paid on the first $750,000 of your mortgage ($375,000 for couples filing separately). Just remember, you’ll need to itemize your deductions to snag this benefit. And it’s always a good idea to chat with a tax advisor about this or any deduction.

Alternatives to Home Equity Loans

In Nebraska, you have a range of options beyond the traditional home equity loan. A home equity line of credit (HELOC) is just one example of the different types of home equity loans you’ll want to explore. Check out these options to find the best fit for your financial needs:

Home Equity Line of Credit (HELOC)

A HELOC is a nifty financial tool that works much like a credit card, but with the bonus of lower interest rates than you’ll see on a credit card or personal loan. If you’re approved for a HELOC (through a process much like the one used for a home equity loan), you can borrow up to a predetermined limit and only pay interest on the amount of the credit line you use. When thinking about HELOCs vs home equity loans, consider that the interest rate on a HELOC is often variable, while a home equity loan typically has a fixed rate.

Home Equity Conversion Mortgage (HECM)

An HECM, or Home Equity Conversion Mortgage, is a government-supported reverse mortgage that empowers homeowners aged 62 and older to receive payments from the lender based on their home’s value. The funds from an HECM can be received as a lump sum, regular payments, or a line of credit. Unlike home equity loans and HELOCs, HECMs don’t require monthly payments; repayment is only necessary when you leave or sell the home.

While HECMs generally have higher closing costs and a lengthier processing time than home equity loans and HELOCs, they offer unique benefits. (While SoFi does not offer HECMs at this time, we do offer home equity loans and HELOCs.)

Cash-Out Refinance

A cash-out refinance is a form of mortgage refinance. You get a new mortgage for more than you owe on your existing mortgage. You pay off your original mortgage and take extra funds you’re borrowing in cash. One big difference between a home equity loan and a cash-out refi is that the home equity loan leaves you with two mortgage payments to make. The cash-out strategy leaves you with one payment. When weighing a cash-out refinance vs. a home equity line of credit, consider that the HELOC allows you to borrow only what you need when you need it, whereas the cash-out refi, like a home equity loan, provides you with a lump sum.

The Takeaway

Nebraska homeowners who wish to take advantage of their home equity have several options: a home equity loan and a HELOC being two popular choices. To make the best financial decision, keep tabs on local home equity loan rates, take good care of your credit score, and do your research to compare the full cost profile (both interest charges and fees) from multiple lenders. It takes some time to do your homework, but it will ensure that you make the smartest financial move.

FAQ

What would the monthly payments be on a $50,000 home equity loan?

The monthly payment on a $50,000 home equity loan will depend on your interest rate and term. The longer the term, the lower the monthly payment will typically be — but the more interest you will pay over the life of the loan. A lower interest rate, of course, means lower payments and interest overall. You can play with different rates in a home equity loan calculator to get a feel for how rates and terms impact the numbers.

What is the monthly payment for a $100,000 HELOC?

The monthly payment on a $100,000 home equity line of credit (HELOC) will depend on whether you have used the full $100,000 credit line. If so, then your payment amount will depend on your term and interest rate. For example, a $100,000 HELOC with a 6.00% interest rate and a 10-year term will mean a monthly payment of $1,110.

What’s the monthly payment on a $25,000 home equity loan?

Borrow $25,000 with an interest rate of 8.00% and a term of 5 years and you’re looking at a monthly payment of $507. Change either the interest rate or the term (or both) and your payment amounts will shift.

How much would the payment be on a $30,000 home equity loan?

The monthly payment on a $30,000 home equity loan can vary depending on the interest rate and the length of the term you choose. To get an accurate idea of what your monthly payments could be, use a home equity loan calculator that allows you to type in rates and terms.

What could disqualify you from getting a home equity loan?

Factors that can disqualify you from getting a home equity loan include having a credit score below 680 and having a lot of debt payments to make each month relative to your income. Of course, not having much home equity or having inadequate insurance coverage on your home could be a factor as well.

What are the benefits of a HELOC?

A home equity line of credit (HELOC) gives you a line of credit that you can use as needed. Some borrowers prefer this over taking out a lump-sum loan — it’s particularly useful when you aren’t sure exactly how much money you need, such as when you’re doing a remodeling project. With lower interest rates than most credit cards and the ability to only pay interest on the amount of credit you use, a HELOC can be a great way to have financial flexibility.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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