Homeowners should closely calculate their home equity loan borrowing costs before applying for the loan. athima tongloom/Getty Images

In today's economy, in which inflation and unemployment remain a concern and elevated interest rates cause borrowing to be more expensive than it was just a few years ago, many homeowners find themselves in need of extra financing. And that could be particularly true right now with the holiday season looming and spending there expected to surge . While personal loans and credit cards are common solutions to this financial problem, the reality is that interest rates on both are currently in the double digits. Credit cards , in particular, currently come with rates near record highs.

But homeowners have a viable, affordable alternative borr

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