Also, you must factor in how many years are left on your present mortgage. For example, if you already had your mortgage 7 years you may not want to start all over with a 30 year loan. It may make sense to take a 20 or 25 year loan or even a 15 year loan.
Finally, if you plan to move within a years, you might consider a slightly higher rate on a home equity loan in order to save the closing costs.
Bill Turano Senior Vice President
1715 Rte 88 West
Brick NJ 08724
Mansur is so correct. I would also check with local Credit Unions, for they sometimes have great deals and have fixed 2nd home equity loans. And do look at the TOTAL cost of whatever loan you get. Ask for a Good Faith Estimate and hold the Loan officer to it. Finally, get three quotes and compare monthly payments and costs of the loans.