5 ways to land the lowest rate on a home equity line of credit


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How to get a great HELOC rate

Need cash? A home equity line of credit, or HELOC, offers a convenient and flexible way of tapping into the value of your home.

It works in a way that’s similar to a credit credit card: You can borrow what you need from the credit line as the need arises, over a period of time.

But the interest is often much lower than you’d find on credit cards, so many homeowners turn to HELOCs to pay down other debt or make home improvements.

The interest rates track the prime rate, which has remained relatively low. That means it’s still an excellent time to find a great HELOC rate.

Here are some tips for getting the very best rate on a home equity line.