<ul><li>Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes, with HELOC being a variable-rate second mortgage drawing on home value as a line of credit.</li><li>Different options like 5-year, 10-year, 15-year, 20-year, and 30-year terms offer varying repayment periods and monthly payments suited for different borrowing needs and financial goals.</li><li>Home equity represents the portion of your home that you own compared to what the bank or mortgage lender owns, allowing you to utilize it for various purposes like home improvements, debt consolidation, and more.</li><li>Calculating home equity involves subtracting the current mortgage balance from the home's current value, determining the amount that can be accessed for major financial needs while also considering loan-to-value ratio limits set by lenders.</li></ul>

Today’s HELOC & Home Equity Loan Rates: May 6, 2025

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