Dale Noble

In an effort to soften the economic blows caused by COVID-19, the Federal Reserve began buying bonds backed by home loans in March, causing current mortgage rates to fall below 3% for the 13th consecutive week. As of this writing, 30-year mortgage rates have reached a record-breaking rate of 2.8%, while 15-year mortgage rates dropped to 2.33%.

You're ready to cash in on your home's equity, and you're faced with the dilemma of choosing between a home equity loan vs. refinance. How do you know which is best for you? Luckily, you've got us! Today, we're breaking down the differences between a home equity loan vs. a refinance to make your decision a walk in the park.