Think about a line of credit instead
March 2nd, 2010
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While you may not have qualified for a home equity loan from a home equity lender, you may qualify for a home equity line of credit. Home equity line of credit loans are similar to having stand by cash and enables you to have a certain amount of discretionary cash available to you should you need it. One nice feature is that you do not have to use all of the money available to you and will only make payments for the money you use. Unlike home equity loans a line of credit is similar to a credit card although the interest rates are usually much lower depending on your credit. If you are in the market for either a home equity loan or a home equity line of credit, it is a good idea to check out options for both to see which route suits your lifestyle needs better.
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