If for any reason you are not satisfied with your decision you can usually cancel it within the first three days without penalty. Ask the lender for information and get the cancellation process and timeline in writing within the loan agreement. In most cases this will be standard language, but it is important to verify.

Home equity loans are fairly easy to get if you have decent credit and a house to work with, but you should be cautious when selecting a lender. You need to get a loan that's in your best interests, so make sure you carefully examine ate least three different types of loans before making your decision.

You can qualify for a home equity loan even if you have bad credit, but it's likely that you'll have to pay extra for the privilege. This includes higher fees as well as higher interest rates, and you may even end up with an adjustable rate loan.