How to compare home equity loans Consider a home equity loan instead of refinancing if:

You plan to pay off your loan in a reasonable amount of time, say, five years. Banks offer their lowest rates on shorter-term equity loans. You took out a first Home Equity at an extremely low rate.You don’t need to borrow much. Equity loans and lines of credit usually come without closing costs, though their interest rates typically are higher than first Home Equitys. You know exactly what you need to borrow. Otherwise, a home equity line of credit might better suit your need. You know what you’re risking. You’re not only gambling your equity, you’re gambling the house itself.

Before you refinance:

Look at the total interest you pay. If you’re more than seven years into your loan, refinancing is unlikely to save you money overall. Consider how long you plan to remain in your house. Paying $4,000 in fees to cut your payments $100 doesn’t make sense if you plan to sell in three years. Compare loan APR as well as interest rate. The annual percentage rate accounts for points and fees. Remember to compare fees in lenders’ good-faith estimates. This is where you have the most negotiating room. You don’t need to refinance to get out of PMI (private mortgage insurance). A simple appraisal should be all your lender needs.

Getting a personal loan:

Consider your options. Your credit card or a home equity line of credit might be cheaper than a personal loan. Build your credit first. Get a copy of your credit report, correct any errors and spend a few months bringing all your bills current. Your loan will be much cheaper. Bad credit is very expensive when it comes to personal loans. Unsecured debts such as a personal loan represent more.

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