Are you thinking of buying a vacation home? Here's why you may want to use your existing home equity to do so now.
With the warmer months approaching in much of the country, many current homeowners may contemplate buying a vacation home or rental property. The benefits of buying a second home can be significant but it can be challenging to find the funds to do so. While money saved in savings accounts, certificates of deposits and investments may all be tapped into, those accumulated funds may not be large enough to afford a down payment on another home.
Interest rates are lowWhile credit card interest rates are around 20% or higher right now and personal loans are frequently in the double digits, home equity loans and HELOCs offer relatively low interest rates. As of March 7, 2024, the average home equity loan rate is 8.66 while the average HELOC rate is slightly higher at 8.99%. And HELOC rates are variable, meaning they could change over time.
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