Equity Home Loans

a little info needed on home equity loans?

I am looking to get a home equity loan to help pay for my wedding in a few months, probably around $8,000. Is it a easy process? I have been in the same home for 2 years now and I have great credit. yeah, thats sort of what I was thinking. I didn't pay anything down at closing so I might be better off getting a Line of Credit of a Personal Loan yeah, thats sort of what I was thinking. I didn't pay anything down at closing so I might be better off getting a Line of Credit of a Personal Loan

Public Comments

1. It's very easy as long as your home is worth more than is owed on it. The worst thing is closing costs. They ususally check your title to the home, which can be a little expensive, and they may want to do an appraisal and survey. These can add up.
2. It depends largely on how much equity you have built up in your house, which after two years is probably not much unless you made a large initial payment, or the market value of your home has gone up substantially - not likely in today's market. Banks will usually lend up to 80% of your equitable value. With all the closing costs etc involved, and you only want $8000, I would not think it is a real good choice. If you have great credit, why not just apply for a personal loan.
3. There is a lot of useful and intresting information here to help answer your quetion.http://homeloan.online-assistant.info/equity-home-loan-rate-ri.html