Tag: equity
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6 ways your home equity can help you earn more money in 2025
This could be the right time to tap into your home equity and increase your earning potential. Getty Images The dramatic rise in home values over the past few years has created an unprecedented opportunity for homeowners to leverage their property’s equity. After all, millions of Americans are now sitting on substantial wealth tied up…
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Why home equity loans are better than refinancing right now
Before refinancing your mortgage it first makes sense to calculate your potential home equity loan costs. Getty Images Homeowners looking to access a large sum of money in today’s economic climate don’t have to look too far to find it. By turning to their accumulated home equity, owners can potentially finance a major expense (or…
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3 great ways to use home equity in the final weeks of 2024
There are multiple smart ways homeowners can use the equity they’ve built up in the final weeks of 2024. Getty Images Home equity is calculated by deducting your existing mortgage loan balance from your home’s current value. And, in today’s unique economic climate, that calculation has led to the average homeowner accumulating approximately $330,000 worth…
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Should you use home equity to cover holiday spending?
Using your home equity to cover holiday expenses could be a risky route to take, experts say. Getty Images The holidays are near, and many Americans are now looking for ways to finance their celebrations. But credit card rates have climbed to an all-time high of over 23% on average, making traditional holiday spending much…
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Considering using your home equity now? Pros and cons of acting before 2025
There are timely benefits and downsides to using your home equity before 2025. Getty Images With credit card interest rates breaking multiple records so far this year and rates on personal loans well into the double digits, home equity borrowing has become the clear best alternative for many borrowers right now. With interest rates averaging…
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Should you open a home equity loan with inflation rising again?
It can still be beneficial to borrow from your home equity now, even with inflation rising again. Getty Images/iStockphoto After a relatively steady path downward for most of the year, inflation rose again in October, according to a Thursday reading from the Bureau of Labor Statistics. Now at 2.6%, the rate increased by two-tenths of…
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How much would a $10,000 home equity loan cost monthly now that rates are cut?
Before borrowing from their home equity, homeowners should calculate their potential monthly payments. Getty Images The federal funds rate is on the decline again. And that’s good news for borrowers of all types, particularly those who are considering accessing their existing home equity. While the Federal Reserve’s actions (or lack thereof) influence borrowing products in…
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Why you should check home equity loan rates daily
Multiple factors could tip home equity loan interest rates one way or the other right now. Getty Images Interest rates are changing again. After a two-plus year period in which the Federal Reserve raised rates to their highest level in decades, the federal funds rate was finally reduced in September. And, last week, the Fed…
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Should you refinance your home equity loan now that rates are cut? Experts weigh in
By refinancing their home equity loan at today’s interest rates borrowers could potentially save a substantial amount of money. John Solie/Getty Images In the post-pandemic era, home equity loan rates and home equity line of credit (HELOC) rates rose as the Federal Reserve increased the benchmark interest rate. While the cost of home equity loans…
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4 smart home equity moves to make now that the Fed cut rates again
To get the most value out of their home equity borrowers should make select moves now that the Fed’s cut interest rates again. Getty Images/iStockphoto While another Federal Reserve rate cut issued this week won’t be great for savers accustomed to earning high returns on their money, it will provide another boost to borrowers. Whether…