<ul><li>Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into their home's value, with HELOC being a variable-rate second mortgage and a home equity loan being a fixed-rate, lump-sum loan.</li><li>Both options use the property as collateral for payments, and repayment failure can result in the lender seizing the property.</li><li>Different loan options like 5-year, 10-year, 15-year, 20-year, and 30-year terms offer varying repayment periods, monthly payments, and borrowing powers suited for different financial needs.</li><li>HELOCs and home equity loans provide homeowners with the ability to access funds based on the equity in their homes, offering flexibility for major investments or expenses like home improvements, debt consolidation, or other financial needs.</li></ul>

Current HELOC & Home Equity Loan Rates: May 15, 2025

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