Home equity loan rates have dropped over the last year. Here's what an $80,000 home equity loan costs monthly now.

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up ...

That said, these products operate in different ways, and they come with unique pros and cons in the interest rate environment ...

A home equity loan has important tax benefits that users should remember this filing season. Here's what to know.

PenFed’s HELOC is a solid option for several reasons—including a high maximum ... a line of credit. The home equity loan is then repaid with fixed monthly payments over a set term. The amount ...

Home equity lines of credit (HELOCs) are based on the amount ... In this example, they take out this maximum amount. In 2012, they had the mortgage and HELOC No. 1—given some payments on the ...

There are several popular ways to liquidate home equity, including a home equity loan, home equity line of credit, cash-out ...

If you’ve owned your home ... the amount lenders will allow a homeowner to borrow while maintaining a 20% equity stake in their home. With a home equity loan or a home equity line of credit ...

That experience informs his advice for using a home equity line of credit, or HELOC: Borrow an amount that you can pay off reasonably quickly, then follow through with your rapid repayment plan.

A home equity line of credit or HELOC, is a loan that lets you borrow money using the equity in your home. Your home equity is the value of your property minus the amount you owe on your mortgage.

Closing costs for a home equity loan or line of credit can run about 2% to 5% of the loan amount. In exchange for ... and the couple was approved for a maximum payout of $230,000.

Katherine Watt is a CNET Money writer focusing on mortgages, home equity and banking ... not include information about every financial or credit product or service.