3 smart ways to use your home equity this November

The next Federal Reserve meeting is barely two weeks away and, with it comes a presumed new cut to the federal funds rate. That will be the second reduction in just two months and possibly just one part of an ongoing rate reduction campaign. This is great news for borrowers, particularly those considering tapping into their existing home equity via a home equity loan or home equity line of credit (HELOC). And with the average amount of home equity hovering close to $330,000 right now, there’s plenty of funding available for many homeowners.

Because the home serves as collateral in these circumstances, though, borrowers will need to take a strategic approach to using their home equity. You shouldn’t just tap into your home equity for any reason. Like all borrowing products, there are some better, timelier ways to use your home equity than others. Below, we’ll break down three smart ways to use it for November.

 

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