Many homeowners have enjoyed rising real estate prices over the past few years, which has helped buoy the amount of home equity homeowners have. Currently, the average mortgage holder has nearly $300,000 in home equity, about $193,000 of which is tappable home equity. That can give many homeowners beneficial borrowing capabilities in this era of high inflation.
Home equity loans also typically come with longer terms than HELOCs, which can lead to a lower monthly payment,' Idziak adds.Learn more about the top home equity loan rates you could qualify for here.When you want to consolidate debtA home equity loan can help you save money on interest costs if you have other existing debt.
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