HELOC borrowing costs have been declining alongside a cooler Federal funds rate. Getty Images/iStockphoto

If you're looking to borrow $50,000 in today's economy and don't want to spend an exorbitant amount in interest to get it, you may not have to look very far. With home equity levels rising to a record high this year, you may easily have this much to borrow from your home. And if you do so with a home equity line of credit (HELOC) , you'll secure an interest rate lower than what's available with home equity loans , personal loans and credit cards, the latter of which is around three times more expensive than a HELOC is right now.

And HELOC rates may decline even further now, following the December Federal Reserve interest rate cut . While the Fed is just a si

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