How much does a $90,000 HELOC cost monthly following the Fed's October interest rate cut?

HELOC costs are now significantly lower, following a series of Federal Reserve interest rate cuts. Getty Images/iStockphoto

In today's economy, in which inflation and everyday expenses remain problematic and interest rates on credit cards are near a record high, it can be hard to make ends meet. In this climate, it's understandable if bills have piled up and, if other expenses are looming, you now find yourself in need of a large, five-figure sum like $90,000. While securing a $90,000 personal loan or credit card limit can be both difficult and expensive, there is a viable, affordable way to access this funding now. You'll just need to be a homeowner to do so.

With a home equity line of credit (HELOC) , specifically, homeowners can apply for a $90,000 credit line. And thank