Borrowing home equity should always be done strategically, but especially so this December. TEERAYUT CHAISARN/skaman306/Getty Images

Home equity levels are high these days. In fact, the average homeowner currently has over $300,000 of it, according to a recent report . That's equity you can borrow against to make repairs, renovate, cover unexpected bills, or even pay off debt, if the numbers work out right. But is this December the best time to be doing that? It depends.

Are you considering tapping into your equity with a home equity loan or home equity line of credit (HELOC) for the new year? We spoke to experts about what to consider now, how to time it right, and what you can do today to ensure success.

Start by seeing how much home equity you'd be eligible to borrow

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