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Once you have a home, never use your home equity as your collateral for a loan, unless you really have to. We have lenders on this site that will provide home equity loans but it must be your last resort. IF you do get a home equity loan, make sure you are prepared to pay it ALL back. Your home is your wisest and safest investment, so do not allow it to be compromised unless it’s an absolute life and death situation. The only examples of a time to use home equity to get a loan (in my personal opinion) is to pay for emergency life saving surgery, saving a loved one from deep peril. Outside of that, if you can’t borrow anymore money, then just take the banks and lenders at their word - you should not be borrowing anymore money.
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