<ul><li>A home equity loan allows homeowners to borrow up to 85% of their home’s value and pay it back in monthly installments, while a home equity line of credit (HELOC) is a variable-rate second mortgage that provides a revolving line of credit.</li><li>HELOCs are ideal for medium-sized projects, with various options available based on borrowing capacity and risk tolerance.</li><li>Different term lengths, ranging from 5 to 30 years, offer borrowers flexibility in repayment schedules and monthly payments based on their financial goals and project sizes.</li><li>Home equity represents the value of your home minus the remaining mortgage balance, and building equity is crucial for accumulating wealth. HELOCs allow homeowners to access their home equity as needed and pay interest only on the amount used.</li></ul>

Current HELOC & Home Equity Loan Rates: May 8, 2025

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