Accessing your home equity? Here's what experts say to avoid doing

Interest rates are high thanks to the Federal Reserve's ongoing fight against inflation. While that's nice for savings accounts, it's not so great if you need to borrow money. In fact, the average credit card rate right now is over 21%. Fortunately, not all financial products have rates that high. Home equity loans and home equity lines of credit , for example, offer rates that are much lower on average — typically between 7 and 10%.

'Pay your primary mortgage payment on time and even a bit more than the minimum asked, as it makes you appear to be a stronger applicant.'You should also put your other monthly debts and bills on autopay to ensure you're not late. Late payments can reduce your credit score and make you look like a riskier borrower. This can mean a higher interest rate on your home equity loan or HELOC or getting denied altogether.

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