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Story summary
- About $11 trillion in home equity is available for borrowing, showing access for homeowners.
- A $100,000 home equity loan costs $1,159.02 monthly for 10 years at 6.96%, while a 10-year HELOC costs $1,166.76 monthly at 7.11%.
- Home equity loans have fixed rates, while HELOCs have variable rates that can change.
- This spring, home equity loans are cheaper, and homeowners should compare options and shop for competitive rates before borrowing.
