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Home Equity Loans (HEL) and Home Equity Lines of Credit (HELOC)

Like most financial matters, a home equity loan (HEL) or home equity line of credit (HELOC) can be a good thing or a bad things for you.  The greatest risk of borrowing money against the equity you have accumulated in your home is that your home is the collateral.  The loan is secured by your home and if for some reason you cannot repay the loan, you may lose your home.

Another downside of a home equity loan is that until the loan is repaid, you've lost the equity you had in your home.  And most dangerous is the possibility of actually owing more than your home is worth if home values decline.

Home Equity Rates

The interest rates lenders require on home equity loans and lines of credit vary.  HSH Associates publishes the national averages based upon their surveys of originators.

Home Equity Resources

These web sites provide information about home equity loans.



BorrowSmart is a consumer service provided by the BorrowSmart Public Education Foundation.  The BorrowSmart web site offers information and tools for consumers and credit counselors to help home equity borrowers "Borrow Smart".