Payments on a $100,000 HELOC are low now — and they could drop further in the months to come. Here's what to know.
Home equity borrowing is often one of the most cost-effective ways to access extra funding. Due to the home in question serving as collateral, lenders tend to offer low interest rates. However, thanks to inflation and an elevated rate climate in recent years, it has become one of the only ways to borrow money at a low interest rate.
00 each month, you'd wind up paying around $31,000 over the life of the credit line. And that's assuming rates stay where they are now. If they rise, you could pay more. However, if they drop, the rate and payments on the HELOC will fall, too. So it's important to weigh the pros and cons before getting started.Learn more about your current HELOC options online now.
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