When it comes to accessing the equity in your home, there are two popular options: a home equity loan or a cash-out refinance. Both options allow homeowners to borrow against the value of their property, but choosing the right one can make a big difference in your finances.

According to a recent article on CBS News, experts suggest that homeowners consider their individual financial goals before deciding between a home equity loan and cash-out refinance. While a home equity loan may provide a fixed interest rate and predictable payments, a cash-out refinance could offer a lower interest rate and access to more cash upfront.

Additionally, the underwriting process for a home equity loan can be more straightforward than a cash-out refinance, as detailed in another CBS News article. Lenders will typically evaluate a homeowner's credit score, income, and loan-to-value ratio to determine eligibility for a home equity loan.

For those considering a home equity loan this March, experts recommend shopping around for the lowest interest rate possible. By comparing offers from multiple lenders, homeowners can secure the best deal and maximize their equity without overpaying in interest.