Make sure your lender is reputable
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There are a few things that a home equity lender should offer you before you engage in a binding contract with them. They should be very clear about the costs of your home equity loan and figure out whether a straight forward refinance might work out better for your financial future. A reputable home equity lender will meet with you, have flexible terms, explain your interest and financing options as well as point you in the right direction should their stipulations mean they decline your request. While all banks use credit scores and income there are some that have lesser qualifications than others. You will have to pay higher interest rates but the savings may justify the means.
