Washington — President-elect Donald Trump has tapped Keith Kellogg, a retired lieutenant general, to serve as special envoy for Ukraine and Russia, he announced Wednesday.

Kellogg served as chief of staff to the National Security Council and national security adviser to former Vice President Mike Pence during Trump’s first term in office. He will assume the role as assistant to the president and special envoy for Ukraine and Russia as it nears the three-year mark of Russia’s invasion of Ukraine in February 2022.

Trump announced Kellogg as the envoy in a post to social media, writing that he “has led a distinguished Military and Business career, including serving in highly sensitive National Security roles in my first Administration.”

“He was with me right from the beginning! Together, we will secure PEACE THROUGH STRENGTH, and Make America, and the World, SAFE AGAIN!” the president-elect wrote.

Trump’s return to the White House has raised questions about the future of U.S. involvement in the war in Ukraine. The U.S. under President Biden had provided roughly $64.1 billion in military aid since Russia launched its invasion in 2022, and about $66.9 billion in military assistance since Russia initially invaded Ukraine in 2014, according to the State Department.

The president-elect, however, has criticized Ukrainian President Voldymyr Zelenskyy, calling him in June “the greatest salesman of all time” for pushing for continued U.S. support in Ukraine’s efforts to push back against Russia’s aggression. Trump has claimed he would have the war “settled” before taking office for his second term, and has said Russian President Vladimir Putin would not have invaded Ukraine if he were president.

Trump and Zelenskyy spoke by phone after the president-elect defeated Vice President Kamala Harris in the election earlier this month. Ukraine’s leader said on social media the call was “excellent” and praised his “tremendous campaign” that made his victory possible.

“We agreed to maintain close dialogue and advance our cooperation. Strong and unwavering U.S. leadership is vital for the world and for a just peace,” Zelenskyy wrote.

Trump, meanwhile, has praised Russian President Vladimir Putin as “savvy” and suggested in February that he “would encourage” Russia “to do whatever the hell they want” with NATO member countries that failed to meet the alliance’s defense spending targets.

Ret. Gen. H.R. McMaster, who served as Trump’s national security adviser in his first term, told “Face the Nation with Margaret Brennan” on Sunday that the upcoming months are “really critical” in determining the “next phase” of the war in Ukraine.

McMaster, a CBS News contributor, said that Russia and Ukraine are both incentivized to make “as many gains on the battlefield as they can before the new Trump administration comes in” as the two countries seek leverage in negotiations. 

Borrowing from your home equity can be a smart and cost-effective decision for many homeowners, particularly in today’s unique economic climate. With interest rates on alternatives like credit cards and personal loans much higher than what they are on home equity loans and home equity lines of credit (HELOCs), your monthly payments are likely to be much more manageable. With the average homeowner in possession of close to $330,000 worth of equity now, as well, this is likely the only way to access a six-figure sum of money at a reasonable rate.

Still, today’s economy hasn’t completely recovered from the inflationary period it endured in recent years. While interest rates have been cut again, inflation ticked up in October and any number of economic factors could quickly reshuffle the borrowing landscape. Understanding this potential, then, home equity borrowers should think through a few possibilities before signing their application. Below, we’ll break down three of these timely considerations.

See how much home equity you could potentially borrow here.

What home equity borrowers should think about before applying now

While the decision to borrow from your most important financial asset requires an in-depth and personal approach, it helps to know which specific considerations to account for now. Here are three wide-reaching ones:

The potential for rates to fall again

Hope was high that interest rates on home equity products would steadily decline after the Federal Reserve cut its federal funds rate in September and again in November. And while rates on both HELOCs and home equity loans have declined for much of 2024, there’s no guarantee that they will continue to do so in December and into 2025. A complex series of factors drive home equity rates, so waiting for a lower, ideal rate to materialize may be a mistake. Instead, consider securing a lower home equity loan rate now (you could always refinance it to a lower one in the future).

See how low of a home equity loan rate you could lock in now.

Their intention for the funds

If you know you want to use your home equity for home repairs and renovations then it makes sense to apply for the financing – and to start using it – now, before 2025. If your projects qualify, you may be able to deduct the interest paid on home equity loans or HELOCs when you file your taxes in 2025. This makes the interest rate on both products less of a pressing concern. However, if you’re planning to use it for other reasons that may not come with the same tax advantages, waiting for a cooler rate climate may be more beneficial. Only you will know the answer to this question. 

Their future home value

Home prices are likely to continue to rise in many parts of the country in 2025. But, in others, they may stagnate or even drop. This could be a major concern for those who have leveraged their home by borrowing from its equity. So, first, do your best to understand the local real estate dynamics and your future home value. If all signs point to a price rise, you’re likely safe. But if it’s harder to predict, borrowing from your home ahead of a price drop could quickly lead to being underwater, financially. Weigh this scenario carefully before applying.

The bottom line

Both home equity loans and HELOCs can provide homeowners the funds they need at a cost they can afford. But borrowing from your home equity can be risky, too, if the above timely considerations aren’t accounted for in advance. By contemplating these factors now, before an application, prospective borrowers can better determine if it’s worth acting promptly or if they’re better served by waiting for a more opportune time in 2025.

Have more home equity concerns? Learn more about your options here.