• Home equity lines of credit (HELOC) rates are at nearly 7%, making borrowing from your home’s value more affordable. The average weekly HELOC rate is 7.44% for applicants with a minimum credit score of 780 and a CLTV of less than 70%. Homeowners have a record $36 trillion in home equity.
• With mortgage rates staying low in the 6% range, homeowners are keeping their primary mortgages. Accessing home equity through a HELOC can be a great alternative. Second mortgage rates are based on an index rate plus a margin, like the prime rate of 6.75%.
• HELOC rates differ from primary mortgage rates and can include introductory rates lasting for a limited time. Keeping your low-rate mortgage while accessing home equity through a HELOC is a good option. The best lenders offer low fees, fixed-rate options, and flexible credit lines.
• Lenders have varied rates for HELOCs, ranging from 6% to 18%. The key factors are creditworthiness and diligence as a shopper. HELOCs allow tapping into needed funds while leaving credit lines open for future needs, saving on interest for unused amounts.
• For homeowners with low primary mortgage rates and significant home equity, considering a HELOC is wise. It allows access to cash for home improvements, repairs, or even vacations. Using a HELOC responsibly is crucial to avoid long-term debt and financial strain. Monthly payments and repayment terms should be carefully considered.

Read more at Yahoo Finance: Home equity rates go south for the holidays