Quote Originally Posted by joycenalex
i know some one here at PT will know the answers. i've owned my home for 4 years this month (!). i refinanced in 2003 and owe 17 yrs on a 20yr fixed rate mortgage. i get "offers" all the time for a home equity loan, but i'm kinda anxious about the idea. can some one explain how the process works...do i need another appraisal on my property ( and i get such a thrill out of typing that ), should there be closing costs, how do i tell the crooks from the good ones? . it's time to consider another half bath in the basement, possibly upgrading the kitchen.thanks for the advice and stories pro and con.

If you have a mortgage right now, doesn't that mean you do not own
your house outright? I think when you get home equity loan, you are
loaning out your equity on the house. I get these offers a lot too, but
don't think I know enough about them. I'd like to hear from someone
who understands them better myself.