Why you should get a home equity loan before May

Have you thought about tapping into your home equity? Doing so could give you access to funding with a competitive interest rate that you can use to cover an unlimited number of potential expenses. One way to tap into your home equity is by using a home equity loan. These loans offer lump-sum financing with fixed interest rates and monthly payments.

That's because they typically come with lower interest rates than other popular options.While the average credit card interest rate is over 20% and the average personal loan interest rate is over 12%, the average 10-year home equity loan interest rate is just 8.77%. And, the average interest rate on a 15-year home equity loan is slightly lower at 8.76%. That's even lower than some other home equity borrowing options.

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