5 ways to score a low rate on a home equity loan

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If you need to borrow a large sum of money to make improvements to your home or help send a child off to college, a home equity loan can be a more affordable option than using a credit card or personal loan.

A home equity loan allows you to borrow against the value that you’ve built up in your home. Unlike the similar home equity line of credit (HELOC), which typically comes with an adjustable rate, the interest rate and payments on a home equity loan are fixed.

Here are the steps for getting the very best rate on a home equity loan.

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