If you're going to borrow $10,000 from your home equity soon, keep these options in mind.
In today's high interest rate environment, credit cards, personal loans and standard lines of credit have become expensive options for borrowing money. After all, credit card rates are nearing 22% on average, personal loan rates are routinely in the double digits and other options have seen rates rise to levels that are having a significant impact on affordability. In turn, finding a reasonable way to borrow can be problematic.
And, because the rates on HELOCs are variable, if rates decline in the future, the rate on your HELOC could drop in tandem, saving you even more money on interest.For homeowners who may need $10,000 initially but could need additional funds later, a HELOC provides the flexibility to continue borrowing against your credit line during the draw period. This makes HELOCs a good solution for funding an ongoing project or paying off a smaller amount of credit card debt over time.
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