HELOC pros and cons homeowners should know this November

There are multiple advantages to borrowing with a HELOC this November. Zhanna Hapanovich/Getty Images

When borrowing with a home equity loan , the pros and cons of the product are relatively easy to understand. That, in large part, is due to the way the product is structured, with a fixed interest rate that will remain the same until (or unless) it's refinanced by the homeowner. And with interest rates here considerably lower than they have been and with alternative products like personal loans and credit cards materially more expensive, a home equity loan can be a smart choice for homeowners in need of extra financing right now.

Home equity lines of credit (HELOCs) , however, are now one of the cheapest borrowing tools on the market. That's mainly because HELOCs have