A home equity loan comes with multiple advantages for borrowers, many of which remain timely in the economic climate of early 2025. For starters, interest rates on these loans (around 8.50% ...

If you’re a homeowner who has paid down a chunk of your mortgage or whose house has gained value, you might be able to take out a loan secured by your home equity. However, having equity in your ...

10-year home equity loan at 8.57%: $497.44 per month 15-year home equity loan at 8.52%: $394.36 per month Here's how those payments will change if rates fall by another 25 basis points later this ...

Current home equity loan rates are a little bit lower than current HELOC rates. If you're looking to fund a home improvement project or repair, a home equity loan can be an affordable way to do so.

Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help ...

Oscar Wong / Getty Images If you need cash for a major home remodeling project or other expense, you may be worried about the rates on home equity loans and cash-out refinance mortgages ...

Home equity loans have been around for nearly a century, offering borrowers a way to cover major expenses such as home repairs, medical bills, and debt consolidation. Despite their long history ...

Our opinions are our own. Here is a list of our partners and here's how we make money. A home equity loan is a second mortgage that allows you to borrow against a portion of the value of your home ...

Ashley is a lead editor of mortgages and loans at Forbes Advisor ... If you’ve built sufficient equity in your home, a home equity line of credit (HELOC) can be a good option to access the ...

This is particularly beneficial for VA loan borrowers who put 0% down at closing, since they may not have a ton of equity built up in their home yet. What to look out for: To get a HELOC with this ...

Your equity is the value of your home, minus any remaining mortgage balances. The interest rate on a HELOC tends to be lower than rates on credit cards and personal loans. Lenders use your ...