How much does a $150,000 home equity loan cost per month now after the Fed cut rates in October?

The average homeowner has hundreds of thousands of dollars worth of home equity to borrow from right now. khz/Getty Images

Borrowing a sizable amount of home equity should always be done strategically and with caution. And when the equity amount is $150,000, which is almost half of the average $313,000 equity level homeowners have now, it should be done even more judiciously. Failure to make the repayments as agreed could lead to foreclosure on the property . Unlike a home equity line of credit (HELOC) , in which interest-only payments will be mandated during the initial draw period of 10 or 15 years, full repayments will be required for home equity loan borrowers from the start.

The good news, however? Home equity loan interest rates are on the decline. That me