Home equity loan rates have been declining for much of the past year. manusapon kasosod/Getty Images

Before borrowing any amount of money, large or small, it's always critical to first account for the costs associated with the loan. But in today's economic climate, in which unemployment and inflation are both up but interest rates are declining, it's arguably more important than usual to get the numbers right. And, if you're leveraging something as important as your home's equity to borrow from, it's even more important to first determine affordability. A misstep here could theoretically risk foreclosure .

But, if you can make the math work, there's a lot to like about borrowing with a home equity loan right now. Home equity loan interest rates are on the de

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