If you've been searching for an inexpensive way to borrow money lately, you may have found yourself spending a lot of time looking around. That's because inflation, even though it's dropped significantly, and the higher interest rates meant to tame it, have caused rates on a multitude of credit options to soar. But if you're one of the tens of millions of homeowners in the United States right now, you still have one cost-effective alternative to pursue – your home equity.
If you wait, and the economics change, you'll have less to work with than if you had acted this July.Find out how much home equity you have to access here.Rates are lower and could drop furtherHome equity loan and HELOC rates are both under 10% right now — with the prospect for both to drop even further. A formal cut to the federal funds rate would ensure that rates on both products fall.