<ul data-eligibleForWebStory="false"><li>Home equity loans and HELOCs allow homeowners to borrow against the value of their homes using them as collateral for payments.</li><li>HELOCs offer flexibility with variable rates, allowing homeowners to draw on their home's value as a revolving line of credit.</li><li>Understanding the various repayment terms (5-year, 10-year, 15-year, 20-year, and 30-year) for home equity loans helps borrowers choose the suitable option based on their financial goals.</li><li>HELOCs provide the option to access funds as needed and pay interest only on the amount used, based on the equity in the home.</li></ul>

Current HELOC & Home Equity Loan Rates: July 2, 2025

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