With inflation sticky and interest rates at their highest point in decades, few cost-effective borrowing options are available for Americans right now. Credit cards and personal loans come with average rates in the double digits and mortgages are hovering near their highest point since 2000. Homeowners, however, do have one relatively inexpensive way to borrow cash — their home equity.
C over a home equity loanWhile Cs, for example, operate as a revolving line of credit while home equity loans are simple loans disbursed in one lump sum. C. Home equity loans, however, will remain predictable and cost-effective. So, choose the latter over the former right now. Borrowing more than neededIn today's high interest rate environment, you should be extra careful and only borrow exactly what you need. But with home equity borrowing, in which your home is used as collateral — and which you can lose in the process if you don't repay what you borrow — it's critical to borrow only exactly what you need.
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