Top Secret Guide Comparing Home Equity Loan Products
Comparing Interest Rates and Terms
Interest rates for home equity loans are typically lower than those for personal loans or credit cards, as they are secured by your home. As of late 2023, average rates for home equity loans range from 5% to 7%, depending on the lender and your creditworthiness1. It's crucial to compare these rates across various lenders to ensure you get the best deal. Additionally, consider the loan terms, which can range from 5 to 30 years. A longer term might mean lower monthly payments, but it could also result in paying more interest over the life of the loan.