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Should you use your home equity now or wait for rates to drop?
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There are several reasons to consider tapping into your home equity. These loans can be an effective way to cover the cost of home or car repairs or a higher education. You can also use them to pay off high interest debt at a lower rate and to cover just about any other large expense you may face.
On the other hand, interest rates are high at the moment – and the more you read, the more you likely come across predictions that rates will start to fall in the near future. So naturally, you may be wondering if now is the time to tap into your home equity or if you should wait for better interest rates to materialize first. Below, we’ll discuss whether it’s worth waiting for rates to drop before tapping into your home equity.
Find out how affordable borrowing against your home equity might be now.
Should you use your home equity now or wait for rates to drop?
“All things being equal, lower rates are obviously better – but things aren’t always equal,” explains Joe Salerno, MBA, co-founder and chief investment officer at Yardsworth, a real estate financing company.
In most cases, you should get a home equity loan when you need one – regardless of the current interest rate environment. Here’s why it’s probably best not to wait for rates to fall before you tap into your home equity:
Your needs won’t wait for lower rates
Tapping into your home equity is a big decision and you’re likely making that decision to meet a specific need. For example, you may decide that it’s time to tap into your equity if your roof develops a leak and you don’t want to use high-interest personal loans and credit cards to cover the cost of repairs.
With that in mind, the first reason not to wait to borrow against your home equity is because the need you plan on using it to alleviate probably won’t wait. After all, in the example above, waiting to fix a leaky roof could lead to excessive interior water damage – likely making your eventual repairs significantly more expensive. But the above is just one of many needs that you could alleviate with a home equity loan.
Tap into your home equity to take care of expenses that can’t wait today.
You don’t have to lock in today’s high interest rates
If you take out a home equity loan, you’ll lock in today’s rates for the term of the loan (or until you refinance it). However, you don’t have to lock in today’s high rates in order to access your home equity.
A home equity line of credit (HELOC) gives you the opportunity to tap into your equity without locking in your interest rate. One “feature of HELOCs worth understanding in today’s market, is that they are variable interest rates,” explains Salerno. “While that unfortunately means that you’ll potentially pay double-digit rates on a HELOC today, the positive corollary is that you will see your interest burden decline over the next twelve months as the Fed begins to cut interest rates.”
There’s no telling when, or how far, rates will fall
Based on the current inflationary environment, experts are predicting that the Federal Reserve will begin to cut interest rates in June. But experts don’t always hit the nail on the head. In fact, economists expected that the January inflation rate would come in at 2.9% while the actual inflation rate was at 3.1%.
The simple fact is that economic conditions are often unpredictable – even for the most educated of minds. So, while rates are expected to start falling in June, there’s no telling when the Federal Reserve will actually make its first move.
“Waiting for rates to drop to tap into your home equity often doesn’t make sense because, like most things, it’s nearly impossible to time the market perfectly,” explains Darren Tooley, senior loan officer at Cornerstone Financial Services. “Rates are projected to go down over the coming months and years, but even if rates do drop as anticipated, it’s not going to be a straight line down and several economic and social factors can either speed up or delay the timeframe.”
You may be able to refinance when rates fall
Interest rates are high at the moment, and there’s a strong argument that they’ll fall ahead. On the other hand, taking out a home equity loan today doesn’t necessarily mean you’ll have to keep today’s high rate until you pay the loan off. You may be able to refinance it in the future when rates fall.
Learn more about your home equity loan and HELOC options now.
The bottom line
When you need access to your home equity, there’s a high likelihood that you’ll need money relatively quickly. So, waiting for interest rates to fall probably isn’t advantageous. However, tapping into your equity now doesn’t mean you have to pay a high interest rate until you pay the debt off completely. Consider taking advantage of the variable nature of HELOCs or planning to refinance your home equity loan when rates fall rather than waiting to access the cash you need.
CBS News
How to watch the Kansas City Chiefs vs. Carolina Panthers NFL game today: Livestream options, more
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It will be the Kansas City Chiefs up against the Carolina Panthers in an NFL game today set for the Bank of America Stadium in Charlotte, North Carolina. Attention will be focused on the Chiefs, who are coming off their first loss this season, a 30-21 loss to the Buffalo Bills on November 17. That loss snapped a nine-game winning streak. The Panthers, meanwhile, are just 3-7 so far in the season but are coming off of wins against the New Orleans Saints and New York Giants, respectively.
Keep reading to find out how and when to watch the Kansas City Chiefs vs. Carolina Panthers game today, even without cable.
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How and when to watch the Kansas City Chiefs vs. Carolina Panthers game today
The Kansas City Chiefs-Carolina Panthers game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The NFL game will be televised on CBS. It can also be watched via streaming on Paramount+ and the platforms noted below.
How and when to watch the Kansas City Chiefs vs. Carolina Panthers game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options to explore as well (just note that the below streaming options will require the use of an internet provider).
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to explore. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Then you can simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Buccaneers-Giants game on Amazon Prime Video.
Fubo: Watch the Chiefs-Panthers game for free
Looking for an inexpensive way to watch football? Fubo could be your best bet. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
CBS News
How to watch the Philadelphia Eagles vs. Los Angeles Rams NFL game today: Livestream options, more
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The Philadelphia Eagles look to extend a six-game winning streak to seven today when they take on the Los Angeles Rams at SoFi Stadium in Inglewood, California. The Eagles, who are 8-2 so far this season, are coming off a November 14 win against the Washington Commanders. The Rams, with a record of 5-5, are coming off a November 17 win against the New England Patriots.
Keep reading to find out how to watch the Eagles vs. Rams game today, even without cable.
How and when to watch the Philadelphia Eagles vs. Los Angeles Rams game today
The Philadelphia Eagles vs. Los Angeles Rams game will be played on Sunday, November 24, 2024 at 8:20 p.m. ET (5:20 p.m. ET). The game will stream on Peacock but it can also be viewed locally on NBC and the streaming platforms below.
How and when to watch the Philadelphia Eagles vs. Los Angeles Rams game without cable
While many viewers will be able to watch the game on regular NBC, you have alternatives, too. Just note that the below streaming options will require the use of an internet provider:
Peacock: Watch NBC-aired NFL games without cable
You can stream today’s game in addition to all NBC-aired NFL games and Sunday Night Football on NBC. Peacock subscribers can also watch original programming on the streamer as well as live content airing on NBC if you purchase a Peacock Premium Plus subscription. Plus, you’ll gain access to Peacock’s library of on-demand content. You can buy a one-year subscription to Peacock Premium (with ads) for $80. For $120 annually you can secure a one-year Peacock Premium Plus subscription which is mostly ad-free. Want to pay per month, instead? Peacock Premium is just $8 each month while Peacock Premium is $14.
NFL+: Watch Eagles vs. Rams live on your phone
Do you want to able to watch today’s game no matter where you’re located? Then check out NFL+. You can pay just $7 per month or $40 for the year. The network includes all games, including those being broadcast outside of your local market. You can also upgrade your subscription to NFL+ Premium with NFL RedZone. That will allow viewers to watch up to eight NFL games all at the same time.
Want to support your team? Fanatics is a great way to do so. With the latest player t-shirts, jerseys, hoodies and apparel, there’s plenty of stuff in stock to keep you covered this season. But don’t wait much longer. As each week in the season passes by, competition for this merchandise will increase. Act now before it sells out.
Head over to Fanatics now to check out the latest NFL fan gear drop.
CBS News
How to watch the Dallas Cowboys vs. Washington Commanders NFL game today: Livestream options, more
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The Dallas Cowboys will face off with the Washington Commanders today. With a record of 3-7, the Cowboys have had a tough season so far and will be looking to recover after a five-game losing streak. The Commanders, who have racked up a record of 7-4, will be trying to snap a two-game losing streak on the heels of last week’s 26-18 loss against the Eagles.
Here’s how and when you can watch the Cowboys vs. Commanders game today, whether or not you have cable.
How to watch the Dallas Cowboys vs. Washington Commanders
The Cowboys vs. Commanders 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 Dallas Cowboys vs. Washington Commanders 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 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.
Catch today’s game by subscribing to Sling’s Orange + Blue tier, which features 46 channels, including ESPN, ABC, NBC, and Fox, covering local and nationally broadcast NFL games. The plan also includes 50 hours of DVR storage for added convenience. To expand your NFL coverage, consider pairing it with Paramount+ for CBS games or enhance your lineup with the Sports Extra add-on, which offers channels like NFL RedZone, NBA TV and Golf Channel.
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? Then the 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. Just note that NFL+ only works on phones and tablets, not TVs.
How to watch the Kansas City Chiefs vs. Carolina Panthers NFL game today: Livestream options, more
How to watch the Philadelphia Eagles vs. Los Angeles Rams NFL game today: Livestream options, more
How to watch the Dallas Cowboys vs. Washington Commanders NFL game today: Livestream options, more
How to watch the Kansas City Chiefs vs. Carolina Panthers NFL game today: Livestream options, more
How to watch the Philadelphia Eagles vs. Los Angeles Rams NFL game today: Livestream options, more