How much can you save by shopping for a home equity loan?

When the Federal Reserve met earlier this month, it once again held interest rates steady at a 23-year high due to persistent inflation and other economic factors. The decision marks the seventh consecutive meeting in which the Fed paused the federal funds rate at its current 5.25% to 5.50% range.

Of course, rates can also rise at any time, which could be likely if you have a longer-term line of credit — so make sure you know the risks of this type of borrowing before you make a decision.Another benefit of getting multiple quotes is that you can use the competition to secure the best deal. When speaking with a potential lender, don't hesitate to mention any offers you've received for lower rates or reduced closing costs.

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