Should you get a home equity loan?

In 2013, the number of new home equity loans rose by 30.8% in the first nine months of the year. This is due, in part, to the rise in home values as the real estate market continues to recover from the housing crisis.  Even though you may qualify for a home equity loan, it may not be a wise decision.  Before tapping into the equity in your home you should ask yourself three questions – “What am I using it for?” “What’s best a loan or a line?” and “Can I deal with the interest rate and the terms?”

For the answers to these questions read, “Home-equity loans are back, pitfalls included.”