SPOKANE, Wash. — Homeowners facing major expenses like college tuition or home repairs may find their best financing option in their home's equity.

Home equity loans offer competitive rates for homeowners who need significant funds, often lower than credit cards or personal loans.

"A lot of times a home equity loan has a better interest rate because of the security it offers the lender, because you're using your home as collateral," explained a financial expert.

Lenders typically allow homeowners to access up to 80% of their property's value, minus remaining mortgage balance. A homeowner with a $500,000 property who owes $300,000 could access approximately $100,000.

Experts also recommend considering a home equity line of credit (HELOC). "A home equity line of credit usually is a revol

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