Tips To Tap Into Your Home's Equity

A home equity loan is a good idea when you know what you want to do with that money. However, it is important to know how to borrow the money so you can get the best deal possible. Msn.com reports:

If you have an excellent score of 760 or above, you should be able to win a home-equity line of credit for half a point below the prime rate, said Chris Larsen, CEO of E-Loan. A good score of 700 to 759 should win you a rate equal to prime. (To see current rates on lines of credit and loans by credit score, visit the Loan Savings Calculator at MyFico.com.) People with mediocre to poor credit can pay 1 to 5 points over prime, or more.

Read more: 5 tips for wisely tapping your home equity