Should you get a home-equity loan with the bank that holds your mortgage?

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We have been meditative about removing the home equity loan. We need the brand new roof tiles as well as the AC section is creation the electric check sky-high.

We’ve never had the home equity loan before, as well as I’m only wondering if you should go with the association which binds the mortgage, the opposite company, or does it matter?

Any tips would be beneficial as we’ve never finished this before.

Related solution post:

  1. Can I get a home equity loan or do I have to re-do my mortgage?
  2. Can I get a home equity loan or do I have to re-do my mortgage?
  3. What is the difference between a 1st mortgage, 2nd mortgage, and home equity loan?
  4. Can a new home equity loan amount be larger than your mortgage balance?
  5. Can I get a home equity loan with a first mortgage?

Comments (4)

goz1111 said on 06-12-2009

Shop around but many lenders are getting out of the home equity line of credit business what is your equity to loan ratio on the first? Is it even possible to get one?
BizGuy said on 06-12-2009

There may be conveniences with choosing your current mortgage bank, like possibly less paperwork, or maybe no appraisal fee, or a combined bill/payment.

But you should really shop around for the best interest rate and lowest total fees. These are much more important that the "conveniences".
mimi L said on 06-12-2009

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!
Nina T said on 06-12-2009

For matters pertaining to equity the authority that I go to is Marian Snow – best-selling author of "Stop Sitting on Your Assets". She talks about how to let your equity work for you, how to become your own bank, and secure your financial future. I got a lot of new ideas, and now view my money and financial management in a different way.

Preview the book here — there’s a lot of vital information you can’t find anywhere else. I suggest too that you make a small investment on the book. It changed my total outlook on investments, mortgage, equity and personal finance.

http://www.stopsittingonyourassets.com/MarianSnow/preview/contents.html

You can contact Marian through her personal blog here:

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