Could you use a home equity line or a home equity loan? First you must know the difference. The value of your home and credit worthiness are factors when it comes to a home equity line. How many times have you received a call from your lender thanking you for being a valued customer. Then they state they have reviewed your account and determined you are eligible for so much money. If you choose to get a home equity line, you have a line of credit and only use what you need. Typically it could have a lower rate because it is secured by your home. Understand that if you choose a home equity loan it is a second mortgage. If you are a mortgage lender, which do you recommend when your clients need to do home renovations or even if they ask regarding debt consolidation?
