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Is a home equity loan or HELOC the better way to borrow $100,000?

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Home equity loans and HELOCs are both strong options for borrowing $100,000 against your equity. 

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In the first quarter of 2024, the average home equity withdrawl in the United States was $100,000, according to the June ICE Mortgage Monitor report. So, if you’re considering tapping into $100,000 worth of your equity, you’re not alone. And, you have multiple options to access it. If you want to maintaining your current mortgage ratehome equity loans and home equity lines of credit (HELOC) are viable ways to do so. 

Home equity loans work like mortgages. They offer lump-sum financing and fixed interest and payments. On the other hand, a HELOC is a credit line that gives you flexible access to your equity. And, in exchange for that flexibility, you’ll typically need to agree to variable interest and payments. 

But, which of these two options is the best way to tap into $100,000 worth of your equity right now? That’s what we will break down below.

Find out how affordable it can be to borrow $100,000 against your home equity now

Is a home equity loan or HELOC the better way to borrow $100,000?

If you’re interested in borrowing $100,000 against your equity and you’re torn between a home equity loan and a HELOC, it’s important to consider your needs and expectations. Here’s when each option may be better for you: 

When a home equity loan is the better way to borrow $100,000

A home equity loan may be the better way to borrow $100,000 if you know you won’t need to access equity in the future and you’re looking for a fixed, predictable payment. “A home equity loan is a lump sum loan that you receive all at once,” explains Matthew Teifke, founder of the Texas-specific real estate acquisition fund, TR3. And, “because the interest rate and payments are fixed, you have a predictable payment schedule.”

According to Tiefke, home equity loans are “ideal for one-time expenses such as home improvements, debt consolidation, or major purchases.” 

You should also think about how long you’ll take to pay the money back when you choose between a home equity loan and HELOC to access $100,000 of your equity. “In my opinion, timeframe is important when deciding between a HELOC or a home equity loan,” explains Denise Supplee, co-founder of SparkRental, an investing educational platform. “Home equity loans are probably better, at least currently, for longer terms and larger amounts since the interest rates tend to be fixed.”

Take advantage of the benefits of a home equity loan today

When a HELOC is the better way to borrow $100,000

“A HELOC works like a credit card,” says Teifke. “You have a credit limit and can borrow as much as you need up to that limit, repay it, and borrow it again.” That is, “during the draw period (usually 5 to 10 years).”

It’s worth noting that a HELOC “typically has a variable interest rate, which can change over time,” says Teifke. But, the flexibility of these equity borrowing options make them “ideal for ongoing expenses or projects where you need access to funds over a period of time,” he says.

“The HELOC may be good for short term or temporary loans as they are easier to secure,” says Supplee. But keep in mind that “the HELOC is variable and current interest rates are nowhere near stable.” So, if you plan to pay back the money over the long-term, you may want to opt for a home equity loan. But, if you expect to pay it back soon, a HELOC may be the way to go. “For instance, perhaps you are waiting for funds and an unexpected expense such as a home repair comes along. It is easy to tap into a HELOC and then pay it off completely as soon as your funds come through.”

Take advantage of the flexibility a HELOC has to offer today

The bottom line

Home equity loans and HELOCs are both effective ways to tap into your equity. The better one for you depends on your needs. If you’re looking for long-term financing and want predictable payments, a home equity loan may be the better way to borrow $100,000. If you’re looking for short-term financing and need flexible access to your equity, a HELOC may be your better option. Chat with a home equity expert now to learn more about ways to tap into your equity



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Rep. Mike Turner says all “candidates need to deescalate” after Trump assassination attempts

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Rep. Mike Turner, an Ohio Republican who chairs the House Intelligence Committee, responded Sunday to Eric Trump’s implication that his father’s Democratic opponents were responsible for the attempts on former President Trump’s life, saying the innuendo was “of course” inaccurate but political candidates on both sides of the aisle “need to deescalate” their rhetoric.

“No, of course not,” Turner said in his latest appearance on “Face the Nation with Margaret Brennan,” after being asked whether he believes there was truth to claims made by the former president, his son Eric, and his vice presidential running mate, Sen. JD Vance, at a rally where each either implied or suggested Democrats tried to kill him.

Trump returned Saturday to Butler, Pennsylvania, to speak to supporters gathered at the Butler Farm Show fairgrounds, the site of the July 13 assassination attempt against him. A gunman facing Trump on the podium at that rally opened fire into the crowd, grazing Trump’s ear, killing one attendee and injuring two others, according to authorities. The gunman was killed by a Secret Service sniper, officials said. 

Another apparent assassination attempt happened in September when a suspect pointed a gun in Trump’s direction on the Florida course where he was playing golf. The FBI has opened probes into both incidents. 

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Rep. Mike Turner on “Face the Nation with Margaret Brennan,” Oct. 6, 2024.

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Trump, his son and Vance all acknowledged the assassination attempt in Butler at Saturday’s campaign event.

“Over the past eight years, those who want to stop us from achieving this future have slandered me impeached me indicted me tried to throw me off the ballot and, who knows, maybe even tried to kill me,” said the former president, while Eric Trump claimed his father’s political opponents “tried to kill him, and it’s because the Democratic party, they can’t do anything right.”

Vance, in his remarks, addressed Trump’s Democratic challenger in the presidential race, Vice President Kamala Harris, and suggested that the Republican nominee “took a bullet for democracy.”

Brennan asked Turner: “You don’t mean to imply here anything that would suggest Eric Trump’s allegations that Democrats are trying to kill him?”

“No, of course not,” Turner responded. “But I do think that Vice President Harris needs to actively state and acknowledge that her administration is saying a foreign power, which would be an act of war, is actively trying to kill her opponent.”

The attempts on Trump’s life came after a citizen of Pakistan with ties to Iran was arrested and charged with allegedly planning a murder-for-hire scheme targeting Trump, among others. Although the timing of the charges coincided with the first attempt, there was no indication that the two incidents were related.

Turner criticized Harris for what he viewed as a failure to openly condemn the alleged plot.

“I think there’s certainly a role for her to play and for the president to play in this, in both identifying that there are threats against Donald Trump that need to be acknowledged and responded to, to deter,” he said. “I think all the candidates need to de-escalate, certainly in their language.”

But the congressman did acknowledge that a Biden-Harris Justice Department official, Matthew Olsen, the head of the national security division, said the U.S. government has been “intensely tracking Iranian lethal plotting efforts targeting former and current U.S. government officials — and that includes the former president.”

“I would say that we are very concerned — gravely concerned — about Iranian plotting,” Olsen told CBS News in a recent interview.



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Maps show track of Hurricane Milton as forecasters predict landfall in Florida this week

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South Florida prepares for heavy rainfall, flooding in wake of Tropical Storm Milton


South Florida prepares for heavy rainfall, flooding in wake of Tropical Storm Milton

04:09

Hurricane Milton rapidly intensified into a Category 1 storm on Sunday, and it has set its path on Florida’s Gulf Coast.

Forecasters predict Milton will make landfall around the Tampa Bay area on Wednesday, bringing with it upwards of 120 mph winds and drenching an area still reeling from Hurricane Helene.

As of 2 p.m. ET on Sunday, Milton was centered about 290 miles west-northwest of Progreso, Mexico, and about 815 miles west-southwest of Tampa. It had maximum sustained winds of nearly 80 mph and was inching north-northeast at 6 mph.

Path of Hurricane Milton

A map from the National Hurricane Center shows Milton continuing to strengthen into a major hurricane as it approaches Florida’s western coast.

“Milton is forecast to rapidly intensify during the next couple of days and become a major hurricane on Monday,” forecasters said.

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The projected path of Hurricane Milton as of Oct. 6, 2024

NOAA/National Hurricane Center


The storm is expected to remain north of Mexico’s Yucatan peninsula, with heavy rainfall expected as Milton makes its way northeast toward Florida. Tropical storm watches are currently in effect from Celestun to Cancún, Mexico.

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The current wind field for Hurricane Milton as of Sunday, Oct. 6, 2024.

NOAA/National Hurricane Center


The hurricane center said hurricane and storm surge watches could be issued for parts of Florida later Sunday.

Florida officials prepare for more impact

Florida Gov. Ron DeSantis said Sunday that while it remains to be seen just where Milton will strike, it’s clear that Florida is going to be hit hard. “I don’t think there’s any scenario where we don’t have major impacts at this point,” he said.

“You have time to prepare — all day today, all day Monday, probably all day Tuesday to be sure your hurricane preparedness plan is in place,” the governor said. “If you’re on that west coast of Florida, barrier islands, just assume you’ll be asked to leave.”

Tropical Weather
This GOES-16 GeoColor satellite image taken at 4:50 p.m. EDT and provided by National Oceanic and Atmospheric Administration (NOAA) shows Tropical Storm Milton, center, off the coast of Mexico in the Gulf of Mexico, Saturday, Oct. 5, 2024.

NOAA via AP


DeSantis expanded his state of emergency declaration Sunday to 51 counties and said Floridians should prepare for more power outages and disruptions, making sure they have a week’s worth of food and water and are ready to hit the road. 

The Federal Emergency Management Agency, meanwhile, coordinated with the governor and briefed President Biden Sunday on how it has staged lifesaving resources.

“I highly encourage you to evacuate” if you’re in an evacuation zone, said Kevin Guthrie, executive director of the Florida Division of Emergency Management. “We are preparing … for the largest evacuation that we have seen, most likely since 2017, Hurricane Irma. “

As many as 4,000 National Guard troops are helping state crews to remove debris, DeSantis said.

“All available state assets … are being marshaled to help remove debris,” DeSantis said. “We’re going 24-7 … it’s all hands on deck.”



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American and U.K. climbers rescued after 2 days stranded on Himalayan mountains in India

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An American climber was rescued after she and another alpinist from the U.K. were stranded for two days at more than 20,000 feet in the Himalayan mountains.

Michelle Dvorak, 31, and Fay Manners, 37, went missing on Thursday after their equipment and food tumbled down a ravine while trekking up India’s Chaukhamba mountain, CBS News partner BBC reported.

The pair sent an emergency message but search and rescue teams were unable to find them.

Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand
Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


Manners told the BBC they were “terrified” as they tried to make part of the descent down the treacherous mountains without supplies.

“I watched the bag tumble down the mountain and I immediately knew the consequence of what was to come,” she said. “We had none of our safety equipment left. No tent. No stove to melt snow for water. No warm clothes for the evening.”

The terrifying ordeal intensified when it started to snow. They took cover on a ledge while waiting for rescuers.

“I felt hypothermic, constantly shaking and with the lack of food my body was running out of energy to keep warm,” Manners said.

The rescue was made difficult because of the conditions, including bad weather, fog and high altitude.

“The helicopter flew passed again, couldn’t see us. We were destroyed,” Manners told the BBC.

British and U.S. climbers are rescued at the location given as Uttarakhand
British and U.S. climbers are rescued at the location given as Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


On the second day, the pair began to cautiously abseil down the mountain. They spotted a team of French climbers coming toward them. Manners said they shared their equipment and food and contacted the helicopter company with an exact location.

“I cried with relief knowing we might survive,” she said.

The Indian Air Force said in a post on the X social media platform that their helicopter airlifted the climbers from 17,400 feet after “battling two days of bad weather.”

Chaukhamba is a mountain massif in the Garhwal Himalaya in northern India.



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