<ul><li>Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes.</li><li>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.</li><li>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.</li><li>Different home equity lenders offer different repayment terms, but longer repayment terms usually mean lower monthly payments.</li></ul>

Current HELOC & Home Equity Loan Rates: December 4, 2024—Rates Are Mixed

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