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Current HELOC & Home Equity Loan Rates: December 18, 2024—Rates Are Mixed

  • Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes.
  • A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home’s value as a revolving line of credit.
  • Both options use your property as collateral for your payments, which means your lender can seize your property if you can’t repay what you borrow.
  • Home equity represents how much you own of your home compared to what the bank or mortgage lender owns. If you’ve paid off your home in full, you have 100% equity.

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