Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments.

At today’s average HELOC rate of 8.88%, which assumes an 80% LTV, borrowing $100,000 on a 10-year repayment term equates to a $1,260.43 monthly payment. (Our calculation accounts for a 10-year draw period with interest-only payments.)

If you're a borrower determined to take advantage of the lowest interest rate possible then it makes sense to pursue a HELOC this November instead of a home equity loan – despite the latter have the slightly lower interest rate.

Deciding between home equity loan vs HELOC? Learn the difference between the two and when you may want to choose one over the other.

What Is a Home Equity Loan? As the name implies, a home equity loan is secured by the equity you have accumulated in your home. With every payment you make on your mortgage, you b

Home equity rates have dropped since the Fed's last meeting. Here's what they could do in the future, experts say.