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Why you should get a home equity loan this summer
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When it comes to summer plans, many people may not think about making major financial decisions. But in today’s unique economic climate, in which inflation is cooled but stubborn and interest rates frozen at their highest point in decades, it’s critical to keep your financial health a priority. And with many dealing with high-interest debt and growing expenses, it’s worth evaluating new ways to cover these costs.
For homeowners, one such method is via home equity borrowing. By tapping into the home equity they accumulated with a home equity loan or home equity line of credit (HELOC), owners can pay for a wide array of expenses and debts. But interest rates on both options have ticked up in recent years, emphasizing the benefit of utilizing this unique credit option at the right time. Fortunately, this summer may be one of those opportune times to act.
Start by seeing what home equity loan interest rate you could secure here now.
Why you should get a home equity loan this summer
No matter what you need extra funding for, a home equity loan could be the way to secure it this summer. Here’s why:
Economic relief may be (further) delayed
In early 2024, optimism was high that inflation was on a permanent downward slope and that interest rates would soon follow. But almost halfway into the year, that hasn’t been the reality. After a series of disappointing inflation reports (the rate dropped to 3.4% in April from 3.5% in March), the Federal Reserve has elected to keep their federal funds rate frozen at a 23-year high. And while the Fed doesn’t directly affect what private lenders offer borrowers, they do heavily influence those rates. So, if you were hoping for a reduction in credit card and personal interest rates, you may have to wait a bit longer.
In these circumstances, a home equity loan, with its single-digit interest rate, can be particularly appealing. And if you use it to consolidate your other, higher-interest debts, you can potentially save significant amounts of money, giving you a buffer until the economy ultimately stabilizes and economic relief surfaces.
Learn more about your home equity loan options online.
You may have access to large sums of money
If you’ve been living in your home for a few years or longer you may be sitting on a substantial amount of equity. The average homeowner has around $300,000 worth of equity right now, of which they can safely access around $190,000. Compare that to your highest credit card limit or what you think you can secure with a personal loan and it becomes clear that a home equity loan is the preferred option.
That said, home equity values can change. If your appraised home value drops in the future, so will the amount of equity you have to work with. So don’t wait for that to happen. Start shopping for home equity loans now while your equity is still high.
It’s still less expensive than alternatives
Sure, home equity loans haven’t been exempt from the interest rate surge of recent years. But they’re still lower and less expensive than many alternatives. With an average rate of 8.61% right now, home equity loans are significantly cheaper than personal loans (which hover over 12% on average) and credit cards (just under 21%). This is a major advantage no matter your intended use of the home equity loan, but it’s particularly advantageous if you’re planning on using it to consolidate or pay off debts with the aforementioned rates. Plus, home equity loan rates are fixed, so they won’t increase further, even if the overall rate climate does.
The bottom line
If you’ve been thinking of tapping into your home equity, this summer can be a smart time to do so. With economic relief appearing further in the distance, an average equity amount worth more than $190,000 right now and lower interest rates than many other credit alternatives, this summer could be a smart time to turn to a home equity loan. Just make sure to carefully consider the pros and cons of this unique borrowing option as your home will serve as collateral and you could potentially lose it should you be unable to pay back any funds withdrawn.
Learn more about accessing your home equity here.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.