Home equity loan interest rates have declined in 2024, but is this a safe way to borrow money right now?
When borrowing money, there are multiple factors to account for. The interest rate attached to a borrowing product is often key, as are the repayment terms. Borrower qualifications also play a role — as does the specific lender you intend to use. Before getting started, however, a more fundamental question needs to be answered.
If you're unable to repay your loan, you could risk your homeownership in the process. 'Taking out a home equity loan or getting a home equity line of credit are common ways people use the equity in their home to borrow money,' the Federal Trade Commission notes on its website. 'If you do this, you're using your home as collateral to borrow money. This means if you don't repay the outstanding balance, the lender can take your home as payment for your debt.
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