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Not TTCAL related: Home Equity Loan

SweetieD21SweetieD21 member
in TTC After a Loss
DH and I are planning on doing some renovations to our house and think a home equity loan would be the best way to go about paying for them.  Do you have to get the loan from the same bank/lender that you have your mortgage through?  We've just started to look into them, but I thought I'd see what other ppl had to say.  Thanks!
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Re: Not TTCAL related: Home Equity Loan

  • KelinandKevinKelinandKevin member
    You don't have to go through the same lender but since the loan is against the equity on your house they will notifiy your mortgage company.  We did that on our last house and ended up getting our equity loan with another company because the rates were cheaper. Good luck with the home improvements!  Demo is one of my favorite things to do! Angry
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  • irishbaby0708irishbaby0708 member
    You could get the loan from any where.  Shop around but, you might want to check into refi with cash out if you have enough equity in your house since the 1st mortgage rates are so low right now.  Home equity loans are usaully much higher.   
    10/17/2009 - Our Miracle came 10 weeks early. IF,2 MC and 1 Preemie we have our miracle.. Baby Hope 10 weeks 5days was taken from us on Dec 18, 2007. Forever with us and Forever missed. Triplets Lost baby A @ weeks, Lost Baby B at 6 weeks and lost baby Abigail at 14 weeks when she was born to little for this life..... Forever with us ....
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  • SweetieD21SweetieD21 member
    I also probably should have asked if you have to have a certain amount of equity into your home before qualifying for a home equity loan or line of credit?
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