HELOC and home equity loans tend to be lower than other borrowing options, but one could be more affordable than the other right now. Getty Images/iStockphoto

The average homeowner has $213,000 in tappable home equity , according to the latest Intercontinental Exchange (ICE) Mortgage Monitor report. And, that amount of home equity could come in handy for homeowners looking for low-cost financing, especially as interest rates across other borrowing products remain high. Take, for example, today's average credit card interest rates, which are sitting above 21%, while average personal loan rates are hovering slightly above 11%. In comparison, home equity borrowing options provide notably cheaper rates.

On the other hand, both home equity line of credit (HELOC) and home e

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