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Home Equity Basics
House keys and a $1 bill in the background
home equity
Home Equity

Chapter 1: What equity debt is

Before tapping the equity in your home, become familiar with the way home equity loans work.

Chapter 2: Decisions, decisions

Home equity loans are available in two ways -- as a fixed-rate loan or a variable-rate line of credit. Which one is best for your situation?

Chapter 3: Applying

The keys to a great rate are your credit history, your income and the loan-to-value ratio.

Chapter 4: Watch out!

Tapping your home's equity can be risky. Know the loan rules, your home's value and your actual costs before closing the deal.
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Ask Dr. Don

Use home loan for college costs?

Dear Dr. Don, We have owned our home for five years. It's currently valued at $325,000. We'd like to borrow $50,000 to $70,000 for college costs. Can we take out a second mortgage at a lower interest rate, or must we take... Read more

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