Equity Home Loans

second home equity loan?

I live in MA. I took out a home equity loan last summer for MUCH less than the amount that the bank offered/approved me for. I now wish I had taken a higher amount. Will a bank give a second loan-since they did approve me for more than I accepted? or do apply w/same bank for another equity loan and would they consolidate the 2. I have emailed the bank and am waiting on their reply.

Public Comments

1. You can do either way. You can get a new HEL and make it large enough to pay the first HEL, or you can do it seperately. Your bank might have a preferance as far as how they like it done-- some dont like to be in third position, but i guess if its to themselves, its not too bad.
2. Try and use the same bank... ask them to increase your limit. There's a good chance they will do it if you've been making your payments on time. should be at no charge as well...
3. Here is an article http://sivu.at/2c3 with some information on loan options and the best plans.