Rates for home equity lines of credit and home equity loans range from low 7% to near 9%, with national averages around 7.5% or lower. Most affordable way to borrow cash is through second mortgage interest rates. HELOC average rate is 7.25%, while home equity loan is 7.56%.

HELOC allows drawing cash as needed, while home equity loan provides lump sum. U.S. homeowners have $36 trillion of equity to tap into with a second mortgage. Frustration arises for those unable to access growing home value due to low primary mortgage rate.

HELOC and HEL offer solution for those unwilling to give up low home loan rate. Home equity interest rates differ from primary mortgage rates, based on index rate plus margin. Rates depend on credit score, debt amount, and credit drawn compared to home value.

Best HELOC lenders offer low fees, fixed-rate option, and generous credit lines. HELOC offers flexibility to use home equity up to credit limit. Consider lenders with below-market introductory rates and pay attention to draw amount. Best home equity loan lenders offer fixed rate for repayment period.

Rates vary significantly from lender to lender, ranging from nearly 6% to 18%. Creditworthiness and diligence as a shopper impact rates. National averages for HELOC and home equity loan serve as benchmarks when shopping for second mortgage lenders. Consider HELOC or home equity loan for cash needs.

HELOC payment during draw period with full $50,000 withdrawal at 7.50% interest rate is about $313. Rate is variable, leading to increased payments during 20-year repayment period. HELOC essentially becomes 30-year loan, best for borrowing and repaying balance within a shorter period.

Read more at Yahoo Finance: Among the most affordable ways to borrow