<ul><li>Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes.</li><li>HELOCs are variable-rate second mortgages that provide a revolving line of credit, while home equity loans are fixed-rate lump-sum loans with 85% borrowing capacity.</li><li>Homeowners can choose from different terms, such as 5-year, 10-year, 15-year, 20-year, or 30-year options, depending on their financial goals and project sizes.</li><li>Calculating home equity involves subtracting the current mortgage balance from the home's appraised value and is used by lenders to determine loan-to-value ratio (LTV).</li></ul>

Latest HELOC & Home Equity Loan Rates: April 3, 2025

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