Home equity loans...

I need some info on these...when is it good to take one, and when is it not good to take one? I know it is a general question, but i am just curious.

Re: Home equity loans...

my husband and I just got approved for a home equity line of credit through Chase. We worked with 2 GREAT people. Let me know if you want thier names and numbers!!

Re: Home equity loans...

That would be great...thanks!

Re: Home equity loans...

My DH and I are taking out a home equity line of credit (HELOC). Is this what you are talking about?

a HELOC is like a credit card. You take out a desired amount of money and only pay interest on what you spend. Let's say your credit card has a $5,000 limit and you charge $2,000 on it, you are only paying interest on the $2,000, not the $5,000.

In our case, we are taking out $75,000 and are only planning on using $50,000 of it for home improvements, paying off credit cards etc. We are taking out more money than we need because you never know. It's there if we ever need to draw on it. If you did the same thing with just a regular loan, you would be paying interest on the entire amount and not what you spent.

We are getting ours for 4.5% adjustable rate. We have excellent credit. If you have good credit, you can expect your rate to be around the same.

Best of luck. If you want to know who we went through FM me and I'll give you the guy's name and number.