Should you get a home-equity loan with the bank that holds your mortgage?

home equity loan
ichabodisitchy asked:


We are thinking about getting a home equity loan. We need a new roof and our AC unit is making our electric bill sky-high.

We’ve never had a home equity loan before, and I’m just wondering if we should go with the company that holds our mortgage, a different company, or does it matter?

Any tips would be helpful as we’ve never done this before.

4 Responses to “Should you get a home-equity loan with the bank that holds your mortgage?”

  1. BizGuy - June 19th, 2007

    There may be conveniences with choosing your current mortgage bank, like possibly less paperwork, or maybe no appraisal fee, or a combined bill/payment.

    But you should really shop around for the best interest rate and lowest total fees. These are much more important that the “conveniences”.

  2. goz1111 - June 21st, 2007

    Shop around but many lenders are getting out of the home equity line of credit business what is your equity to loan ratio on the first? Is it even possible to get one?

  3. mimi L - June 23rd, 2007

    There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try. Good luck!

  4. Nina T - June 24th, 2007

    For matters pertaining to equity the authority that I go to is Marian Snow - best-selling author of “Stop Sitting on Your Assets”. She talks about how to let your equity work for you, how to become your own bank, and secure your financial future. I got a lot of new ideas, and now view my money and financial management in a different way.

    Preview the book here — there’s a lot of vital information you can’t find anywhere else. I suggest too that you make a small investment on the book. It changed my total outlook on investments, mortgage, equity and personal finance.

    You can contact Marian through her personal blog here: