A $40,000 home equity loan could be an affordable way to borrow now that the Federal Reserve is cutting rates again.

Home equity is the portion of a house that the homeowner holds outright — the difference between the house's value and the total amount they owe on the home. As their equity increases, homeowners can ...

Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

To calculate your home's equity, subtract the balance on all debts secured by your home – including your primary mortgage and any secondary loans – from your property's current appraised value. The ...

Has the new Fed rate cut helped lower the costs associated with a home equity loan of this size? Here's what to know.