Home equity borrowing is a smart way to access significant sums of money, especially now that the average homeowner has near-record-high amounts of funding to access. With just over $300,000 worth of equity, the average homeowner has a significant amount of money available to fund major renovations, pay off debt or finance other expenses from weddings to medical debt and more. Considering the amount of money available, some homeowners may be looking for the best way to access it.
C is the better way to borrow right now. That's because interest rates on Cs have an average of 9.17% for qualified borrowers while home equity loans have an average of 8.60% — more than half a percentage point difference between the two types. So you'll need to determine if the higher rate on a