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A HELOC offers homeowners a cost-effective way to borrow money in today’s high interest rate climate. Getty Images/iStockphoto
Home equity borrowing has been a top option for many Americans over the last few years, buoyed by rising home values, higher interest rates on other types of debt and financial necessity. On the last point, many households turned to home equity loans and home equity lines of credit (HELOCs) as an alternative to higher-interest credit cards for emergency funds.
U.S. homeowners now hold an average equity amount of around $320,000. With so much equity available, you might consider borrowing against it with a HELOC as an affordable option. These credit lines typically come with lower rates than personal loans and credit cards.
A HELOC can be beneficial as a
How quickly can a HELOC application be approved?
