3 smart home equity moves to make this June

The start of a new month is always an opportune time to revisit your financial situation. And with inflation stubborn (but significantly reduced) and interest rates still high, this June is an important time to take stock of what’s working and what isn’t — and to take steps to improve the latter. With rates significantly elevated for personal loans and credit cards (both of which come with averages in the double digits), many homeowners may elect to use their home equity instead.

Both home equity loans and home equity lines of credit (HELOCs) come with rates under 10% for qualified borrowers right now. However, as with all borrowing options, they will need to be used strategically to obtain the most benefit. And the timing will need to be right to accomplish specific financial goals. To that end, there are certain smart home equity moves owners should make if they’re considering tapping into their home equity this June. Below, we’ll break down three of them.

 

continue reading »