Average rates on home equity lines of credit and home equity loans are well below 8%, with special introductory offers from some lenders close to half that. Getting a HELOC is pretty simple: Here’s how.

The average HELOC rate is 7.25%according to real estate data analytics company Curinos. The national average rate for a home loan is 7.56%.

Both rates are based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of less than 70%.

A HELOC allows you to draw from your approved line of credit when you need it. A home loan gives you a lump sum.

With mortgage rates refusing to budge, homeowners with home heritage and a favorable primary mortgage rate can feel the frustration of not being able to access that growing value in your home.

The Federal Reserve estimates that homeowners have $34 trillion in equity locked up in the walls of their homes. For those who are unwilling to give up their low rate home loan, a second mortgage in the form of a HELOC or HEL can be a viable solution.

HELOC interest rates are different than primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. This rate is often the preferred rate, which has just dropped to 6.75%. If a lender adds 0.75% as margin, the HELOC would have a rate of 7.50%.

A home equity loan may have a different margin because it is a fixed interest product.

Lenders have flexibility with the price of a second mortgage product, such as a HELOC or home equity loanso worth buying. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your line of credit compared to the value of your home.

And national average HELOC rates may include “introductory” rates that may only last six months or a year. After that, your interest rate will become adjustable, probably starting at a higher rate.

Again, since a home equity loan has a fixed rate, it is unlikely to have a “teaser” introductory rate.

The best HELOC lenders they offer low fees, a fixed rate option and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Take some out; return it repeat

today, FourLeaf Credit Union offers a HELOC rate of 5.99% for 12 months on lines up to $500,000. This is an introductory rate that will become an adjustable rate in one year. When shopping for lenders, consider both fees.

The the best equity loan lenders may be easier to find, because the fixed rate you earn will last for the repayment period. This means you only need to focus on one rate. And you get a lump sum, so there’s no need to worry about minimums.

And as always, compare rates and the fine print of repayment terms.

Fees vary from lender to lender. You may see rates anywhere from nearly 6% to 18%. The national average for a HELOC is a variable rate of 7.25% and a fixed rate of 7.56% for a home equity loan. These can serve as benchmarks when shopping around for rates from second mortgage lenders.

Is it a good idea to get a HELOC or home equity loan right now?

For homeowners with low primary mortgage rates and some equity in their home, this is probably one of the best times to get a HELOC or home equity loan. Don’t give up on this great mortgage rate and you can use it cash taken from your estate for things like home improvementsrepairs and upgrades. Or pretty much anything else.

If you withdraw all of $50,000 from a home equity line of credit and pay an interest rate of 7.50%, your monthly payment over 10 years draw period it would be about $313. That sounds good, but remember that the rate is usually variable, so it changes periodically and your payments will increase over the 20-year repayment period. A HELOC basically turns into a 30-year loan. HELOCs are better if you borrow and pay off the balance over a much shorter period.