HELOC rates remain under 8.75%, with a $50,000 cash draw resulting in a monthly payment under $400. Best used for home improvements, a HELOC can also serve as emergency cash. The largest HELOC lender, Bank of America, offers an APR of 8.72% after a 6-month introductory rate of 6.49%.

With over $34 trillion in home equity, homeowners are hesitant to let go of their low mortgage rates. Accessing home equity through a HELOC can be an excellent alternative. Second mortgage rates are based on an index rate plus a margin, with rates varying based on creditworthiness and lender pricing flexibility.

You don’t have to give up your low mortgage rate to access home equity. Consider a second mortgage like a HELOC. Best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. By using a HELOC, you can easily access your home equity while paying down your primary mortgage.

Today, FourLeaf Credit Union offers a HELOC APR of 6.49% for 12 months on lines up to $500,000. Rates vary from 7% to 18% based on creditworthiness and lender terms. The power of a HELOC lies in tapping only what you need and leaving the rest of your credit line available for future needs.

For homeowners with low mortgage rates and equity, now is a great time to consider a HELOC. You can access cash for home improvements or other needs without giving up your low mortgage rate. However, it’s important to have the discipline to pay off the balance promptly to avoid long-term debt.

Read more at Yahoo Finance: Pay less than $400 per month on a $50K draw