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Home equity line of credit (HELOC) rates for August 2022
A home equity line of credit, or HELOC, is a type of home equity loan that allows you to draw funds as you need them and repay the money at a variable interest rate. Because of this, HELOCs are generally best for people who need funds for ongoing home improvement projects or who need more time to pay down existing debt. HELOCs typically have lower interest rates than home equity loans and personal loans; to get the best rates, you’ll have to have a high credit score, a low debt-to-income ratio and a lot of tappable equity in your home.
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Bankrate’s ranking of the best HELOCs can help you start your search by evaluating interest rates, terms and fees across a variety of lenders. The resources below can also help you learn more about the process of tapping your home equity and deciding whether a HELOC is right for you.