If you need to borrow a lot of money or your credit is not so good, think about a home equity loan. With home equity loans, lenders often are more flexible. These loans essentially are a second mortgage. They are considered safe loans to make, because your home is your collateral. Homeowners are likely to work hard to pay off their equity loans because they don't want to jeopardize home security. Here's what you may with an equity loan:

* Lower interest rates;
* Relatively easy qualification standards;
* Tax deduction;
* Large, lump sum of money.

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