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Home equity loans and home equity lines of credit (HELOCs) provide access to capital with more favorable terms than other alternatives. And, right now could be a good time to shop around and review your options with multiple home equity lenders. Here's why. More than half (54%) of mortgages have rates of 4% or lower, according to Q4 2024 data from REALTOR.com®. Homeowners who secured such low rates are holding on to a good thing. "They're locked in and they're sitting on those record low mortgage rates of the two to four range. We don't expect these rates to come again," says Nadia Evangelou, senior economist and director of real estate research at the National Association of REALTORS®. Springtime is often considered the prime home-buying season. But it's also a great time for home renovations. "I will say that April, in general…kicks off the renovation season as well. So, weather is finally, in most parts of the country, warmer and many homeowners start planning big projects," says Evangelou. If you're looking to consolidate debt or make some home upgrades, home equity borrowing can help. Review your home equity amount and look into both home equity loan requirements and HELOC requirements to see if you qualify. However, it's important to be smart about borrowing. "Think of your equity as a financial tool that can help you, but it's not like a piggy bank," says Evangelou. Make sure to calculate your repayment costs with each product and shop around with multiple home equity or HELOC lenders.