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Home equity loan dos and don’ts to know this November

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To get the most value out of a home equity loan, borrowers should take a strategic approach this November.

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If you were looking for a cost-effective way to borrow a large sum of money in recent years, home equity provided the best option. Not only were interest rates lower on home equity loans and home equity lines (HELOCs) than they were on most popular alternatives, but both provided a way to access a six-figure sum that others often couldn’t provide. And now, with one interest rate cut already issued by the Federal Reserve in September and additional ones likely for when it meets again in November and December, both products are poised to be even cheaper for borrowers in the final weeks of 2024.

That noted, home equity borrowing comes with some inherent risks, and borrowers will need to be careful to only withdraw what they’re comfortable repaying or they could risk their homeownership in the process. Understanding this, as well as the dynamics of borrowing home equity in today’s changing rate climate, borrowers should know some important home equity loan dos and don’ts going into November. Below, we’ll break down four of them.

See what home equity loan rate you could secure here now.

Home equity loan dos and don’ts to know this November

Home equity loan borrowing has some timely benefits and disadvantages that can affect your approach. This November, borrowers should specifically consider the following steps:

Do: Choose a HELOC over a home equity loan

Sure, a HELOC has a slightly higher rate than a home equity loan does right now (8.69% versus the latter’s 8.36%). But if you lock in that home equity loan rate now and rates fall as expected, you’ll need to refinance (and pay to refinance) to secure that lower rate. HELOCs, meantime, will simply adjust on their own, lowering your monthly payments as long as interest rates continue to decline.

Explore your best HELOC options online now.

Don’t: Wait for rates to fall

For starters, if you wait for rates to fall, you’ll delay paying the expenses you need the financing for. And if it’s to consolidate high-rate debt, for example, that will come at a cost. But, just as importantly, waiting for rates to fall is a risky move. There’s no guarantee that they will fall or, if they do, by how much. Plus, home equity loan rates don’t move directly in tandem with the federal funds rate anyway. So even if rates were to be cut by 25 basis points, it’s unlikely that home equity loan rates will drop by the same amount.

Do: Shop for lenders

With rates on the decline, it’s more important than usual to shop around for lenders. While most will offer a rate in the approximate same range, every basis point helps. Some lenders, for example, may be more proactive in terms of pricing in presumed rate cuts while others may closely follow the Fed. You won’t know which approach each takes, however, until you shop around. 

Don’t: Miss out on certain dates

As noted, some lenders will preemptively price in rate cuts before they’re formally issued. And this often takes place when data that could affect the Fed’s actions is released. So don’t miss out on certain dates in November, like November 7, when unemployment data for October is released. That’s also the date the Fed is set to conclude its next meeting. But keep an eye out for October inflation data, too, which could set the stage for the Fed’s actions in December (scheduled to be released on November 13).

The bottom line

If you’re looking for a way to access large sums of money in a cost-effective way, home equity borrowing can be the smart way to do so this November. Just be sure to take a strategic approach when you do. This means choosing a HELOC over a home equity loan, not waiting for rates to fall and shopping around for lenders to find one offering the best rates and terms. And be sure to monitor certain upcoming dates for opportunities to capitalize on the cooling rate climate.

Have more questions? Learn more about your current home equity loan options here.



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China-backed social accounts push false narratives about 2024 race

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China-backed social accounts push false narratives about 2024 race – CBS News


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Several social media accounts originating from countries like Russia and China have continued to push false narratives about the 2024 presidential election. CBS News foreign correspondent Ramy Inocencio takes a closer look at how these accounts have dominated the internet.

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Four space station fliers undock and head for Friday splashdown to wrap up extended mission

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Wrapping up an extended 235-day mission, three NASA astronauts and a Russian cosmonaut strapped into their SpaceX Crew Dragon capsule and undocked from the International Space Station on Wednesday, targeting a pre-dawn Friday splashdown in the Gulf of Mexico.

With Crew 8 “Endeavour” commander Matthew Dominick and co-pilot Michael Barrett monitoring cockpit displays, flanked on the right by cosmonaut Alexander Grebenkin and on the left by NASA astronaut Jeanette Epps, the Crew Dragon undocked from the lab’s Harmony module at 5:05 p.m. EDT and slowly backed away.

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The SpaceX Crew Dragon ferry ship carrying three NASA astronauts and a Russian cosmonaut can be seen framed between segments of the International Space Station’s robot arm moments after undocking from the International Space Station. Splashdown in the Gulf of Mexico is expected early Friday.

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“Endeavour, departing,” called space station commander Sunita Williams, ringing the ship’s bell following naval tradition. “Fair winds and following seas.”

Left behind aboard the station were Crew 9 commander Nick Hague and his crewmates, cosmonaut Alexander Gorbunov and Boeing Starliner astronauts Barry “Butch” Wilmore and Williams, along with Soyuz cosmonauts Aleksey Ovchinin, Ivan Vagner and NASA crewmate Donald Pettit.

If all goes well, the Crew 8 Dragon will splash down in the Gulf of Mexico at 3:29 a.m. Friday to close out a nearly eight-month-long mission spanning 3,776 orbits and 100 million miles since launch from the Kennedy Space Center on March 3.

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The returning crew members during pre-launch training in a Crew Dragon simulator (left to right): cosmonaut Alexander Grebenkin, pilot Mike Barratt, commander Matt Dominick and astronaut Jeanette Epps.

NASA


The crew originally expected to return to Earth in September, but the flight slipped into early October in the wake of a decision to delay the Crew 9 launch from late August to late September to provide an eventual ride home for Wilmore and Williams.

The Starliner returned to Earth Sept. 7 without its crew on board because of safety concerns. The Crew 9 Dragon then was launched Sept. 28 with just two passengers, Hague and Gorbunov. That freed up two seats for Starliner commander Wilmore and co-pilot Williams, who will return to Earth next February with Hague and Gorbunov.

Sorting all that out pushed the Crew 8 departure into October. Dominick and company then were repeatedly held up by high winds and rough seas, much of it hurricane related, at splashdown sites in the Gulf of Mexico and along Florida’s east coast.

But forecasters expected favorable conditions Friday, and the Crew 8 fliers were finally cleared to proceed with undocking.



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Harris focuses on Nikki Haley’s primary voters in closing weeks of campaign

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In the final stretch before the 2024 election, Vice President Kamala Harris embarked on a three-state tour across battleground states to court swing voters — with a particular focus on those who backed former U.N. Ambassador Nikki Haley in the Republican presidential primary earlier this year. 

Harris’ pitch was remarkably similar to the foreign policy warning about Trump that Haley delivered when she was a presidential candidate.

“If Donald Trump were president, Vladimir Putin will be sitting in Kyiv — and understand what that would mean for America and our standing around the world,” Harris told Oakland County voters in Michigan on Monday. Claiming Trump would surrender Ukraine to Russia, Harris added, “that is signaling to the President of Russia he can get away with what he has done. Look at the map. Poland would be next.”  

As a candidate in Michigan earlier this year, Haley warned of the potential consequences of Trump’s failure to treat Putin as a threat.  

“Once they take Ukraine, Poland and the Baltics are next,” Haley said. “Those are NATO countries that immediately put America at war.”

Both Harris and Haley also stressed the need to support American allies, denouncing Trump and Republicans’ views on an isolationism they say would move the U.S. closer to war. 

“Isolationism, which is exactly what Donald Trump is pushing to pull out of NATO and abandon our friends,” Harris said Monday. “Isolationism is not insulation. It is not insulation. It will not insulate us from harm in terms of our national security.”

Haley criticized Trump in similar terms. “Look at the situation that the Republican Party is putting us in and that Donald Trump is encouraging — it’s this isolationist approach,” Haley told Michigan voters earlier this year. “America can never be so arrogant to think we don’t need friends.”

On Monday, Harris characterized Trump’s relationships with dictators as a threat to democracy, a point Haley also made on the campaign trail.   

Trump, Harris said, “is so clearly able to be manipulated by favor and flattery including from dictators and autocrats around the world, and America knows that that is not how we stand.”

The former U.N. ambassador in January said of Trump, “You don’t befriend dictators and thugs who want to kill us.” She added, “When I was in the administration with him at the U.N., I literally had to sit him down and tell him to stop this bromance that he had with Putin.” 

Harris and Haley may stand on opposite ends of the political spectrum, but Harris is tapping into their common views on foreign policy and America’s role in the world to help persuade undecided moderate Republican and independent voters in suburban areas.  

In the counties where Harris campaigned on Monday across Michigan, Pennsylvania and Wisconsin, Haley earned tens of thousands of votes during the Republican primaries — even after she dropped out of the presidential race. A senior Harris campaign official said the campaign believes this is an indication of suburban voters’ discontent with Trump. The vice president has been relying on Republicans to help make her appeal to these voters, including former Rep. Liz Cheney, an outspoken critic of Trump who has endorsed Harris and campaigned with her this week. Harris also hit the trail with other Republicans and former Trump aides earlier this month.

In 2020, Joe Biden won Michigan by less than 155,000 votes. In her race against Trump during the primaries, Haley won nearly 55,000 votes in Oakland County, Michigan. 

Haley dropped out of the presidential race before the Pennsylvania and Wisconsin primaries, but nonetheless, in Chester County, Pennsylvania, Haley received 9,000 votes, about 24% of the GOP primary votes in the county. President Biden’s margin in Pennsylvania was just 80,000 votes in 2020, and it was even smaller in Wisconsin — a mere 20,000 votes. Haley received 9,000 votes in Waukesha County, Wisconsin.

While Harris tries to woo former Haley supporters, Haley herself is ready to campaign for Trump, despite her warnings about him months ago. 

According to a source familiar with the planning, Haley’s team has given the Trump campaign availability dates for a potential joint campaign event, and the two teams are working to schedule an appearance before Election Day. 

Last month, Haley told CBS News’ “Face the Nation with Margaret Brennan” she was happy to be helpful to the campaign if needed.

“To me, the stark contrast between a Trump and Harris administration are what led me to say, yes, I need to, you know, I’m going to be voting with Trump, and I’m going to speak at the convention,” she said. “Do I agree with his style? Do I agree with his approach? Do I agree with his communications? No. When I look at the policies and how they affect my family and how I think they’re going to affect the country, that’s where I go back and I look at the differences.” 

In an interview with “Fox and Friends” last week, Trump said “I’ll do what I have to do” when asked if he’d be requesting Haley’s help, but he reiterated that he “beat her badly.”



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