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borrowing is often one of the more affordable ways to obtain a large amount of money and in recent years, it's been one of the only ways. Thanks to and , the costs associated with personal loans and credit cards have surged and they've only come down slightly in recent months. 

on and are now in the low 8% range and can potentially fall further later this summer and in the fall if expected Fed rate cuts materialize as many economists predict. Still, with home equity loan rates averaging between 8.25% and 8.34% now, depending on the loan term, borrowers may understandably be interested in how they can secure a below-average home equity loan rate. 

Fortunately, there are multiple ways to do so, some of which are particularly timely this August. Below, we'll examine three ways homeowners may want to explore now.

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Here are three effective ways, individually or in combination, in which homeowners can better position themselves for securing a low home equity loan rate this month:

When was the last time you took a hard look at your ? Have you examined your credit report recently for errors, inconsistencies and outdated information? If not, consider doing so right away for an opportunity to clear your record and . Essentially, you should be looking at all the ways to make yourself a more attractive borrower. That means raising your credit score, reducing your debts and making payments on time (or, better yet, early). By applying for a home equity loan with a low and high credit score, you'll be considered a more attractive borrower and, importantly, will be offered some of the lower rates available on the market this August.

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, often influenced by market conditions like Federal Reserve policy, inflation rates and even unemployment numbers. So, monitor the calendar for the dates on which the latest data points will be released and look for small windows of opportunity to lock in a low rate. You may only have a day or two to act before rates change again, so it's important to first focus on improving your borrower credentials. But if you've done all you can there, the next step will be to monitor select calendar dates for low-rate opportunities that may (momentarily) materialize.

Did you know that , too? Understanding this dynamic, homeowners should spend this August shopping around to find a home equity loan lender that's offering the lowest rates and best terms. And make sure that any low rate is actually as low as it's listed, meaning that it won't be negated by high fees, maintenance costs and penalties. Once you've found that offer, take it back to your existing mortgage lender to see if they can beat it. You may be surprised at how low your home equity loan rate offer can get simply by making lenders compete for your business.

With home equity loan interest rates lower than what's available with many alternatives but still not quite as low as many borrowers would prefer, it makes sense to take a strategic approach to your home equity loan borrowing process this August. By starting with the above three steps, you can boost your chances of securing a below-average rate this month, allowing you to then pivot your focus on the expenses and goals the home equity loan is intended to serve.