Now is a Good Time to Apply for a Home Equity Loan

The time to apply for a home equity loan is when you don't need it and rates are low.

Home owners often lament, "I've got a lot of equity but it's not in my pocket." One way to put that equity into your pocket is to sell. Another is to refinance your existing loan with a new, larger loan. The third option, which many people forget to consider, is to take out a home equity loan.

Home equity loans are junior, second to and subordinate to the existing first mortgage. Because they are smaller loans, typically home owners will pay smaller fees, if any, to tap that equity . . . read more about a home equity loan.

More Articles by Elizabeth Weintraub:

• Where to Get a Mortgage
  
• Questions to Ask Your Mortgage Lender
  
• Repairs Before Resale

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