Both offer homeowners a cost-effective way to borrow this year. Here's how to determine which is better now.
Borrowing $100,000 can often be an arduous process. And, in today's elevated interest rate climate, it can also be an expensive one. With credit card interest rates hovering near a record 23% and personal loan rates closing in on 13%, there aren't many cost-effective and simple ways to borrow a large, six-figure sum of money currently. Homeowners, however, have two relatively inexpensive options to explore: home equity loans and home equity lines of credit .
45%, making it a cost-effective way to borrow $100,000. Qualified borrowers may be able to find a rate even lower by shopping around and comparing lenders and terms. So, if you know you want to borrow $100,000 from your home's equity but want to have the security and predictability of a fixed interest rate, a home equity loan could be better for you this year.Get started with a home equity loan online now.
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