Hi, Kevin

I think u shud check out some websites. I mean just go through Internet and you would find many loan sites. Just need to collect information and you would get clear idea.

I hope u would find what you are looking for.



William Jones

A home equity loan may provide some tax benefits, but the interest rate should be a primary factor in your decision making. Beyond the internet, check with your local bank - they mat be very easy to work with and provide terms that are more personalized.

There are two (at least two anyway) kinds of home equity loans. One is a revolving line of credit with a variable rate interest (which is not the best idea when interests rates are on the rise) and the other is similar to the cash out in that you get the money all at once. Yes you do pay more interest than you would if you cash out a traditional mortgage, but it is an option if you are unable to get enough through the cash out.

Other wise, I would figure that refinancing and cashing out would get you the lowest over all rate.

However, I would go sit down with the bank and find out the pros and cons of all of the different routes: what are the hidden expenses such as survey, extra insurance, processing fees, etc. (Our bank gave us a NO fee equity line that didn't cost us anything in fees)

Hope that helps some.

Kelkat, that I think, is the the wisest choice. Refinancing and cashing out. However, I would talk to more than one lender/mortgage broke. They tnd to vary on their rates. I have found the cheapest over all at credit unions. If you can find one, make sure to look into them as well.

Online banks have great rates now adays - if you don't mind banking online (my husband is a brick and mortar guy).

Don't forget to compare apples and apples. Make a list of what they are giving you for the loan and what you are paying for so you know in reality which deal is best.

When interest rates were at an all time low, I would have suggested an equity loan over cashing out with a refinance, but I'm not so sure now. Although there is something to be said for an equity loan because they usually don't require closing costs and a new appraisal like most refinances do.

And those closing costs can really start to add up. I think you have to take in account how much you need and how long it will take you to pay it back. Shorter times seem to lean more towards the equity line.

I don't know what the rules are in other states, but some states don't offer both kinds of loans, or else in very modified forms. I know in Texas you could not get a home equity loan for a very long time. Only in the last 10 years or so has it been available.

I have no idea how long equities have been readily available. I've only looked into them this past year. We went with equity because we did not have to pay for a survey, appraisal, or title search. It was all covered by the back (only to be paid IF we pay off within one year). The interest rate wasn't a great deal higher and it would have cost us a great deal more to refinance our existing loan (and we would have lost a very low interest rate).

I just got a home equity loan. I think it depends on what you need the money for, and the amount that you need.

are u really sure u need a loan??

check out the interest rates on both loans and other factors associating with it. Contact few lenders and check out what works best for you.

home laon is the best...

Well in my point of view these days home equity loan is better then cash out loan but you must consult some professional before getting into the act.