More Than 400,000 Borrowers Took Out a HELOC During Q3 2022. Read This if You Were One of Them

You could also turn to a personal loan, but you'll generally need pretty good credit to snag a competitive interest rate on one. If you own a home you have equity in, you may have the option to borrow against it, whether via a home equity loan or line of credit (HELOC). HELOCs offer the advantage of being more flexible than home equity loans, simply because you're not locked into borrowing a fixed amount.