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mergler70 makes a good point. It is a "nest egg." I wish I had been given advice like that before I spent mine on home repairs. Now my home value has dropped and I have the LOC to repay, and no "nest egg."

Home equity loans are just another government tool to make the amercian citizen spend more money. People pile their car loans and credit card debt and leave nothing of value in their home. Many of these people are now "under water" in terms of market value and debt. If youre getting a home equity loan you must have plans to sell it soon or you plan on living there for the rest of your life. Take pride in your equity "nest egg" and dont blow it on new cabinets!

What amounts do the interest rates run on home equity loans versus a home equity line of credit that the banks will charge me?

Very informative. Here's a couple more aricles expanding on this topic: How to get a Mortgage when you are Self-Employed and Difference between Private Lenders and MIC Funds