Home equity loans and HELOCs offer homeowners access to large sums of money but there are inherent risks to know, too.
The economic climate has been challenging for many Americans. Inflation and the elevated costs of goods, services, and labor have been troublesome and some have found themselves in need of extra help financially. While credit cards are an option, those come with double-digit interest rates right now. For homeowners, a home equity loan or home equity line of credit may be a better option.
'Real estate values have risen dramatically in recent years, but it's important to consider that this surge was largely driven by high demand fueled by historically low interest rates and inventory that did not adequately satiate demand,' Dunbar says. 'Values may decrease at some point.'Before you borrow against your equity, then, research property value trends in your area and look at sales of homes comparable to yours.
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