Homeowners considering borrowing from their home equity should consider making these three moves now, before 2025.
If you need to borrow money and want to do so at an affordable interest rate, your home equity may be your best recourse right now. With interest rates on home equity loans and home equity lines of credit in the single digits currently and with the median amount of equity hovering around $330,000 now, these products offer cost-effective access to a potential six-figure sum of money.
or a home equity loan instead. Both have unique pros and cons in today's complicated rate climate that will need to be weighed carefully against each other.Home equity loans, for example, have fixed and slightly lower interest rates currently.
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