Home equity loans offer attractive benefits for borrowers, particularly in early 2025 with low interest rates. This article explores the advantages of home equity loans, including fixed rates and current affordability, and encourages readers to act now to secure financing before rates potentially rise.
Home equity loans have multiple benefits for borrowers, especially at the start of 2025. The average homeowner currently has around $320,000 worth of equity, providing many a clear way to finance several major expenses. In today's evolving and unpredictable interest rate climate, home equity loan rates are fixed, giving borrowers both predictability and security by knowing that the payment they make on month one will be the same one they make every month until the loan is repaid.
Overall, home equity loan rates have ticked up slightly from where they were last fall but are still significantly lower than they were last February. The following calculations assume that borrowers can secure today's average of 8.57% for a 10-year loan and 8.52% for a 15-year one, but qualified borrowers may be able to get a slightly lower rate while ones with poor credit may wind up being offered a higher one:10-year home equity loan at 8.57%: $1,243.
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