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Why a HELOC could be best for homeowners this October
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When considering your home equity as a financing source, there are multiple options worth considering. From reverse mortgages (for owners 62 and older) to cash-out refinancing to home equity loans and home equity lines of credit (HELOCs), chances are high that there’s a suitable financing option for you right now. That said, the pros and cons of each should be carefully considered, particularly now while interest rates are still elevated and the costs of years-long high inflation are still being felt.
Against this backdrop and heading into the final months of 2024, a HELOC could be the optimal choice. This product works as a revolving line of credit, much like your existing credit cards, so it’s easy to use. And with the average homeowner having more than $300,000 worth of equity right now, there’s plenty of money to cover most expenses. But those aren’t the only reasons why a HELOC could be best for homeowners this October. Below, we’ll detail three others.
See what HELOC interest rate you’d be eligible for here.
Why a HELOC could best for homeowners this October
Not convinced that a HELOC is your best way to tap into your home equity this October? Consider these three big reasons why it may be:
An interest rate that drops often
A HELOC has a variable interest rate that can change monthly. This is a distinct con when interest rates continually head upward but an obvious pro now that an interest rate cut was just issued and multiple others look likely toward the end of the year. HELOC rates change often and have already come down from where they were earlier this week. So you could be positioned to save a significant amount of money if today’s rate trends persist.
Explore your current HELOC options online now.
A lower rate than other popular options
If you need extra financing now, it could be due to the exorbitant interest rates you’re stuck paying on some other popular options. Credit card interest rates, for example, are hovering near a record 23% currently. Personal loan interest rates are better but are still a median of 13%. But today’s average HELOC rate is just 8.94%, down from the 9.26% it was at at the start of the week. When compared to the double-digit alternatives, then, a HELOC becomes the clear choice for homeowners this October.
A tax deduction for eligible uses
Do you need money to pay for a home repair or renovation but aren’t sure how much you’ll need? In this case, a HELOC is a good choice because you’ll only pay interest on the amount of money you use – not the total line of credit you were approved for. And if used for IRS-eligible home fixes, you’ll be able to deduct that interest from your taxes when you file your tax return next spring. Granted, home equity loans also have this benefit, but rates on that product are fixed and will need to be refinanced to secure the lower rate that a HELOC will drop to independently.
The bottom line
Every homeowner’s financial situation is different and there may be many who don’t find the aforementioned HELOC benefits applicable to them. For many others, however, this could be the smart and best way to tap into your equity this October. With a rate that’s likely to fall again soon (and one that’s already lower than credit cards and personal loans), a HELOC becomes the preferred option. Plus, you’ll be able to deduct that minimal interest in 2025 if used for approved home projects. For all these reasons and more, a HELOC could be best for homeowners this October.
Just remember, however, that rates on home equity products are generally lower partially because your home serves as collateral in these borrowing circumstances. So only use an amount of money you feel comfortable being able to repay, or you could risk your homeownership in the process.
Have more questions? Learn more about the benefits of using a HELOC 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.