Home Equity Loans - Questions to Ask

To Ask Yourself

• When do I need the money and for how long?
• How big a monthly payment can I handle?
• Am I disciplined enough to not abuse a line of credit?

To Ask Your Lender

• What's the term of my loan?
• How large a line of credit do I qualify for?
• Is my line of credit renewable when the life of the loan expires?
• What are the interest rates?
• Do I have to use my credit line right away?
• Under what conditions can you freeze, reduce or demand repayment of my loan?

Shop around, use the money wisely, and don't lose the roof over your head.