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.

As with mortgages, the interest on a home equity loan may be tax deductible at the federal and/or state level. Even better, some home equity loan payments themselves are tax deductible. Check with your provider or an accountant to be sure this applies to you.