Do you need access to $20,000 in funding? Maybe you want to consolidate high interest debts, repair a leaky roof or cover another relatively large expense. No matter why you need money, your home equity can help.But, if you take the home equity route, you have a few options to consider with home equity loans and home equity lines of credit being two primary ones.Home equity loans and HELOCs may seem similar since they're both backed by your home.
Home equity loans have lower rates right nowAs the data above points out, 10-year and 15-year home equity loans both offer lower average interest rates than the average HELOC interest rate. While a HELOC interest rate may change over time, there's no telling if that rate will rise or fall - or how far it might move in either direction.