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Homeowners should carefully weigh their home equity loan and HELOC options when borrowing $50,000 worth of equity.
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Borrowing $50,000 always comes with a series of critical considerations. When using your home as collateral, those considerations become even more important. After all, while you may be able to secure a $50,000 personal loan or a credit card with a $50,000 limit, you won’t have to worry about providing collateral. But those concerns are prevalent when borrowing with a home equity loan or home equity line of credit (HELOC). Homeowners will need to be strategic and cautious in their approach. Should they fail to make repayments as agreed upon, they could risk losing the home to the lender.This is more of a concern now that interest rate cut relief appears delayed for the foreseeable future – and inflation has risen for four consecutive months. Against this backdrop, then, homeowners considering borrowing $50,000 worth of home equity should carefully consider their home equity loan and HELOC options. Below, we’ll break down what to think about now.Start by seeing how much home equity you’d be eligible to borrow here.$50,000 home equity loan vs. $50,000 HELOC: What to consider with inflation risingNot su …
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