Home Equity Loan

[Jodi1980]

Do you have to take the loan from the bank that holds your mortgage?

 

[Rutt and Tuke]

No

 

[monkeyboy]

I believe you do

 

[mishoe01]

No, it doesn't need to be from the same bank.

Jodi - I sent you a pm

 

[JimB.]

Nope.

We DID, because they gave us the best interest rate, but It's not a requirement.3

 

[luvdzny]

No you do not. You might want to try e-loan.com, I know a few people who have gone through them and had great results.

 

[CEDmom]

No, you don't. DH and I just recently finished paying off a home equity loan. We shopped for the best interest rate. It wasn't with the bank that holds our mortgage. Your mortgage company will just need to provide some info to the bank issuing the loan.

 

[ilovepcot]

And.....you may want to consider a "line of credit" using equity in your home. Again, it doesn't have to be with the institution holding your mortgage. Lots of flexability with the line of credit.

 

[Beth76]

I second looking into the "LIne of Credit". From what I understand it works more like a credit card and you just use however much you need.