You take out a loan for a certain amount of money and must pay it back within a certain period of time

amount of your loan, and the interest rate you pay to take out the loan It depends on your income, credit history

On the market value of your home. Many lenders prefer that you borrow no more than 80 percent of your home mortgage

They may be willing to offer you favorable interest rates or fees

Ask your friends and family for lender recommendations

Then, do some research on what different lenders offer and your Be prepared to negotiate the deal that best fits the situation3

Use the Home Equity Loan Worksheet

If you don't understand the terms of the loan, ask questions because it could mean higher costs

Some important factors you should know more about