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What Is A Home Equity Loan?

Savings Corner

As of late January 2024, home equity loan rates for the benchmark $30,000 loan are averaging just under 9 percent, within a tight range of 8.5 Credit card rates are lingering above the 20-percent mark, and personal loans can stretch into the 25–35 percent range for borrowers with less-than-perfect credit scores.

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HELOC Vs Home Equity Loan: How Do They Work?

Savings Corner

Home equity loans come with fixed interest rates and set monthly payments for the life of the loan. HELOCs (home equity lines of credit) come with variable interest rates and fluctuating monthly payments (like credit cards). A home equity line of credit (HELOC) is also secured. HELOC: What is it?

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