HELOCs and home equity loans both let you tap your equity, but one option could make more sense this June.
If you need to borrow money, you may want to consider tapping into your home equity. After all, the average American homeowner has nearly $300,000 in equity in their home. In turn, tapping into your equity could give you the funds you need for a wide range of purposes. And if you're going to borrow against your home equity, you have a few options, including home equity lines of credit and home equity loans.
So, if you're not sure exactly how much money you need, a HELOC may be your better option this June. If you choose a home equity loan and need more money in the future, you'll typically need to apply for a new loan. Tap into your equity with a HELOC now. When a home equity loan may be better this JuneHome equity loans come with fixed rates, so you'll know exactly what your payments will be moving forward, which can make it easier to plan for expenses.
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