When you should use your home equity (and when you shouldn't)

Home equity loans and HELOCs are a unique form of credit that can be used for a variety of expenses without prohibitive interest rates or terms. It is important to consider when to use your home equity, such as when home prices are high, when you need money for home repairs and renovations, and when the alternative has higher interest rates. On the other hand, it may make sense to look elsewhere when home prices are low, when you don't need the funds for home repairs, and when you can find lower interest rates.

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