Not sure if a home equity loan or HELOC is best for you right now? Here's why a home equity loan is better.
When considering your borrowing options there's much to account for. Aside from the interest rate you'll pay to borrow money, you'll also need to account for the type of payment your credit comes with and the budget you'll need to pay back what you borrow. But in today's high-rate climate, there aren't many viable options to choose from.
Fixed ratesNot only will that lower home equity loan rate save you more money, both in the long run and in your monthly payments, but it will be fixed until you pay it off . This is a major advantage in today's economy with the federal funds rate already at its highest point in 23 years — and the prospect for that rate to increase growing by the day. If that happens, the rate on a HELOC will head up, too, thanks to its variable nature.
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