HELOC Rates Drop: Should You Tap Your Home Equity?

Homeowners, here's what's new with HELOCs: Interest rates are shifting! Bank of America's rates are slightly down, now ranging from 7.8% to 9.34% APR. With Americans sitting on $34 trillion in home equity, HELOCs are becoming a hot alternative to refinancing or selling, especially with mortgage rates still low. Discover how lenders calculate these rates (hint: it involves the prime rate!), why shopping around is crucial, and if a HELOC is the right move for your financial situation. Hosted on Acast. See acast.com/privacy for more information.