If you're a new homeowner who's considering a home equity loan or HELOC, it's important to avoid these common but costly ...

Home equity loans: If you currently have a home equity loan, your interest rate won't change with the Fed's latest cut. With home equity loans, your rate will be fixed at the time you close on the ...

Still, borrowing from your home equity isn't risk-free, either. If you fail to repay all that you've borrowed (with interest) ...

Consider using your home equity to help you save money on things you need to buy. For example, you can use your home equity to finance your next vehicle or your child's education, often with a ...

HELOC rates will probably continue drop this month due to the Fed’s recent rate cut on November 7th and the potential for another rate cut in mid-December. HELOC rates, like interest rates, are ...

Roughly one-third of Americans say debt is a cause of financial stress, according to a recent survey by digital bank Discover ... so do homeowners’ home equity. That equity could be tapped ...

Our opinions are our own. As you plan for the season to come, Discover’s bonus categories for the first quarter of 2025 can help you start off the new year with savings. From Jan. 1 through ...

Using a home equity loan (also called a second mortgage) to purchase another home can eliminate or reduce a homeowner’s out-of-pocket expenses. However, taking equity out of your home to buy another ...

Homeowners can take out a home equity loan on a paid-off house the same way they would if they had a mortgage on the property. However, using a paid-off house as collateral for a loan is a move ...

However, some specialized home equity lenders let you borrow up to 100% of your home’s value. Learn more about getting a high-LTV home equity loan. If you prefer to estimate how much home equity you ...

Not all mortgage lenders offer home equity loans. We've picked some top providers, based on rates, terms and other factors. Discover is a standout for not charging any closing costs, which can ...