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CALABASAS, Calif.--(BUSINESS WIRE)--July 01, 2010-- Homeowners who have paid off a significant amount of their mortgage may want to tap into their home equity to enhance their dwelling to make it their favorite retreat this summer. For those who have established equity in their home, tapping into it may be a good alternative to using credit cards to finance small home improvement projects, according to Informa Research Services, a subsidiary of Informa plc (LSE: INF) (http://www.erate.com/home_equity_lines_loans_no_closing_costs.htm). This week, the national averages on home equity loans and home equity lines of credit (HELOCs) have dropped to 7.21% and 4.98% respectively (Source: Informa Research Services' Interest Rate Review). Both these rates may be significantly lower than the interest rate on your credit card. If this is your case, it may be a good idea to use your home equity to finance some home improvement projects and repairs instead of a credit card. Consider home improvements that enhance your home not just during the hot summer months, but all year long. For instance, a pool may seem like a great addition to your backyard, but unless you live where it's warm all year-round, it may seem like a waste of money to maintain once fall and winter roll around. Instead, replacing your appliances with energy efficient models or replacing insulation in your home may prove to be a better investment in your home. When tapping into your equity, don't forget that - just like any other loan - a home equity loan must be paid back eventually. Keep your project within budget and be smart when taking money out of your home. Follow Informa Research Services on Twitter (@InformaResearch). Become a fan of Informa Research Services on Facebook Permission is granted to reprint this release in part or in its entirety as long as source credit is properly listed. About Informa Research Services, Inc. (www.informars.com) Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research, mystery shop, and decision-support information. CONTACT: Informa Research Services James Royal Phone 818-880-8877 Fax 818-880-2069 SOURCE: Informa Research Services Copyright Business Wire 2010 (END) Dow Jones Newswires July 01, 2010 10:06 ET (14:06 GMT)