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There are many low home equity loans to choose from today but you need to make certain that you read the fine print before signing the papers for you home equity loan. In the past many individuals feel that they have been lied to by lending institutes that have given them the low home equity loans. In the beginning the rates started as low as 2 percent in some states but within 3 months to 1 year the rate took a dramatic jump to as high as 15 percent, which surprised many people that were not prepared to pay more for their home equity loan.
When searching for a home equity loan typically it is best to use a local lending institution that you are familiar with or someone that you know on a personal basis had given you a good recommendation for.
A home equity loan is a good way to tap into your home equity as long as you plan on staying in your home for at least another 5 to 8 years. If you are planning on selling your home before then it is not recommended to use a home equity loan due to increasing your pay off amount of your home when placing it on the market.