Here's how much a $90,000 home equity loan costs monthly now that the Fed cut interest rates

The average homeowner is sitting on a sizable amount of equity from which they can borrow now. Pla2na/Getty Images

If you've ever tried applying for a personal loan worth five figures or a credit card line valued at close to $100,000, you already know how difficult it can be to get approved. You'll likely have to provide significant amounts of paperwork, be willing to have your credit checked (perhaps multiple times) and the time to be approved could be lengthy.

If you're a homeowner, however, particularly right now, you're in luck. With the average home equity amount sitting around $300,000 now, borrowing an amount like $90,000 is relatively simple. And, thanks to a cooling interest rate climate encouraged by the Federal Reserve's new rate-cut campaign , it's also less exp