💨 Abstract

Homeowners can leverage their home equity wisely by securing the best home equity loan rate. Factors like credit score, debt-to-income ratio, and the loan-to-value ratio significantly impact the interest rate. To get the best rate, homeowners should review their credit reports, consider the loan term, monitor interest rate trends, compare lenders, and evaluate fees and terms. Small differences in rates can lead to substantial savings over the loan's life.

Courtesy: WTOP Staff