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Why home equity borrowers shouldn’t wait for the November rate cut
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Homeowners in need of extra financing have had few cost-effective options over the past few years. One of the cheapest ways to gain access to a large sum of money has involved accessing existing home equity via home equity loans and home equity lines of credit (HELOCs). While alternative credit products came with rates in the double digits (and still do), both of these home equity options come with single-digit interest rates for qualified borrowers. And those rates could fall further now that the Federal Reserve has embarked on what appears to be a new rate-cutting campaign.
With the first interest rate cut in more than four years issued in September and others likely for when the Fed meets again in November and December, home equity borrowers may be tempted to wait for this formality before withdrawing funds from their home. But, in many instances, that would be a mistake. Below, we’ll break down why you shouldn’t wait for the November rate cut to tap into your home equity.
See how low of a home equity loan rate you could secure online today.
Why home equity borrowers shouldn’t wait for the November rate cut
While a rate reduction in November could be beneficial for those who borrow from their home equity, it’s not necessarily worth waiting for that to happen. Here’s why:
HELOCs will adjust automatically
HELOC interest rates are variable and subject to change each month. It doesn’t make sense, then, to wait for a November rate cut if you’re planning to use a HELOC. As rates fall (or rise), HELOC rates will adjust independently. In other words, you’ll earn the benefit of a lower HELOC rate in November no matter when you open the line of credit. Delaying, then, won’t offer any additional benefits than what you would obtain simply by acting now.
Get started with a HELOC here.
Rates won’t fall precisely by the same amount
Rates on both home equity loans and HELOCs are influenced by what the Fed does but they’re not directly dictated by it. So they’re unlikely to fall by precisely the same amount that the federal funds rate does. Some lenders may even preemptively price in presumed rate reductions, meaning that what you’re offered in the days after a rate cut is unlikely to be materially different from what you could’ve secured in the days before the Fed took action. Waiting, then, won’t make much difference.
You’re running out of time to use it as a tax deduction
Interest paid on home equity loans and HELOCs is tax-deductible if used for eligible home repairs and renovations. But with barely two months left in 2024, you’re running out of time to use these products as a qualifying tax deduction. If you wait for rates to fall in November, then, your tax interest deduction will be minimal when you file your return in the spring. Instead, much of the use of the loan — and its tax benefits — will be pushed off into 2026.
Your expenses can’t be delayed
If you need a large sum of money, as many who borrow from their home equity do, it’s likely that the expenses you need it for can’t be delayed. If you’re planning on using your home equity to consolidate debt or to pay off what you owe to credit card companies, for example, then it doesn’t make sense to delay. With the average credit card interest rate near 23% now while the average home equity loan and HELOC interest rates are under 9%, you’ll lose money by continuing to use the former instead of the latter. So don’t delay in anticipation of a slight rate cut.
Use your home equity to pay off your high-rate credit card debt now.
The bottom line
Waiting for a November rate cut may be advantageous for some borrowers but, arguably, not for home equity users. Since HELOCs will see their rates adjust automatically, and because rates are unlikely to fall precisely as the federal funds rate does, it may not be beneficial to wait for that to happen. And if you’re planning to use it for home repairs and renovations, the window of opportunity to deduct the interest from your 2024 taxes is closing. Plus, some expenses simply can’t be delayed, particularly for what is likely to be a marginal benefit, at least with a small rate cut in November. For all of these reasons, it makes sense to take action now. Just do so in a measured fashion as your home is collateral in these borrowing circumstances so you’ll want to avoid risking your ownership if you can’t ultimately repay all that you’ve withdrawn.
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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.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand 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 choose from. 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? 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 Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. 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.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more