Potential homebuyers face challenges due to high mortgage rates and low inventory. Homeowners benefit from increased home equity, with an average of $300,000 available. Home equity loan rates are around 8.6%, making them a cost-effective borrowing option. To secure the best rate, shop around, ensure financial stability, consider paying points upfront, explore alternatives like HELOCs, and increase home equity. It's crucial to borrow responsibly and manage payments comfortably.
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