Home equity loan borrowing costs are lower now that the Federal Reserve is cutting interest rates again. TEERAYUT CHAISARN/skaman306/Getty Images

If you're a homeowner in need of extra financing in today's elevated interest rate climate, it may feel like you have few, affordable options. With personal loan interest rates hovering around 12% now and credit card rates near a record high of 22%, borrowing even a small amount of money comes with costly interest charges. And if you're looking to borrow a large, five-figure sum like $90,000, the associated interest rates can be even more costly.

But with home equity levels recently hitting a record high, you may have a cost-effective alternative right under your own roof. With the average homeowner in possession of approximately $3

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