Should you lock a home equity loan interest rate this June?

There are multiple reasons why homeowners should lock in a home equity loan rate this June. Getty Images/iStockphoto

When it comes to locking in an interest rate on a borrowing product, the timing can be difficult to get right. Wait too long and you risk having to pay more than you would have at an earlier point. Start too early, however, and you could see yourself getting locked in to a rate that declines right after you close on the loan. Monitoring the interest rate climate closely, then, for opportunities to act (and for times to step back) is critical. And it's even more important for homeowners considering a home equity loan .

Since these funds come directly out of your home, which serves as collateral in the borrowing exchange, you'll want to ensure long-term affordability t