Unlock the value in your home with low-interest rates on home equity lines of credit and loans. Average HELOC adjustable rate is 7.23%, fixed rate on home equity loan is 7.44% for applicants with a credit score of 780 and CLTV under 70%. Federal Reserve estimates homeowners have $34 trillion in equity.

HELOC allows you to draw as needed, while home equity loan provides lump sum. Rates differ from primary mortgage rates, based on an index rate plus margin. Second mortgage rates depend on credit score, debt amount, and credit line compared to home value. HELOC introductory rates may adjust higher.

Best HELOC lenders offer low fees, fixed-rate option, and generous credit lines. FourLeaf Credit Union offers 5.99% introductory rate for 12 months on lines up to $500,000. Home equity loan lenders provide fixed rate for repayment period. Compare rates, fees, and repayment terms.

Rates vary from 6% to 18% among lenders, with national averages at 7.23% for HELOC and 7.44% for home equity loan. Now is a good time for homeowners with low primary mortgage rates and equity to consider HELOC or home equity loan. Use equity cash for home improvements, repairs, upgrades, or other expenses.

Consider payment terms when using HELOC, as rates are variable and may increase during repayment period. Monthly payment for full $50,000 draw at 7.25% rate would be about $302 during 10-year draw period. HELOC essentially becomes a 30-year loan, best for shorter repayment periods.

Read more at Yahoo Finance: Unlocking the cash in your home at the lowest rates in years