<ul><li>Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes.</li><li>Home equity loan is a fixed-rate, lump-sum loan, while HELOC is a variable-rate second mortgage that draws on your home’s value as a revolving line of credit.</li><li>Different loan options like 5-year, 10-year, 15-year, 20-year, and 30-year terms offer various repayment periods and borrowing capacities for different financial needs.</li><li>Calculating home equity involves subtracting the mortgage balance from the home's appraised value, and lenders typically approve loans based on a certain loan-to-value ratio, such as 80% LTV or less.</li></ul>

Latest HELOC & Home Equity Loan Rates: May 19, 2025

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