The utilization of your home equity needs to be done both carefully and strategically. And it can be done so effectively with a HELOC if borrowers first understand these critical pros and cons of HELOC rates today:

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Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments.

There's a strong case to be made for choosing a home equity loan over a HELOC this month. Here's what to consider.

The more equity (value) you’ve built up in the home, the more money you can access via a HELOC. A HELOC allows you to borrow exactly what you need, typically for lower rates than other forms of credit,