This March may be the perfect time to tap into your home equity. Here's why.
It's early March, which means it's almost time for spring to roll around. The birds will soon be chirping, flowers will soon be blooming and house-cleaning projects are soon to be underway. And, the month of March is also a prime season for weddings, spring break vacations, home remodels and other potentially costly events.
'These loans typically offer lower interest rates than other types of financing because they are secured by the home as collateral,' explains Eileen Tu, vice president of product development for Rocket Mortgage. Moreover, taking the home equity loan route could lead to lower monthly payments. That's because home equity loans also generally have longer repayment terms compared to other types of loans, and they offer fixed interest rates, which results in consistent monthly payments.
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