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If you can qualify for a home equity loan, it’s certainly worth considering. One of the big stumbling blocks these days is that almost one-quarter of homeowners are underwater – meaning they owe more on their home than it's worth. Even if you aren't underwater, a financial institution is likely to require you to have a minimum amount of equity in your home before they'll consider giving you a home equity loan. Lenders also look at your credit history and income when determining whether to make the loan. .