The Federal Trade Commission has several informative publications concerning home equity loans available for consumers at its Web site, www.ftc.gov.
Here are some tips:
- Shop around to find the best home equity loan for you. Contact different lenders and compare options.
- Check with your tax adviser about tax benefits.
- Ask how many fees there are and how much they cost.
- Don't sign off on a home equity loan if you don't have enough income to make the payments.
For more information, visit www.ftc.gov. In the left-hand column, click on "For Consumers." Then click on "Credit."