Using your home equity now could pay off in 2025, experts say. Here's how.
Home equity borrowing has been one of the best financing options in 2024. With average credit card rates soaring near 24%, a home equity loan or home equity line of credit offers a compelling alternative at just above 8%.American homeowners now hold an average of over $300,000 in home equity — a valuable resource for funding home improvements, education costs or debt consolidation.
Acting now means taking advantage of today's home equity rates and appliance prices.You may qualify for potential tax benefitsEnd-of-year tax planning creates a timely opportunity for homeowners. Heller mentions getting a home equity loan for eligible home improvements can lead to valuable tax deductions. These savings apply to various projects such as kitchen renovations, energy-efficient upgrades and home office improvements.
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