How to - Find That Silver Lining

By Tony Evans

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Time to jump on the "bandwagon" before these "rough-seas" of a weakening economy sink your money ship.

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Instructions

Difficulty: Moderate

Step1

Now is the time for you homeowners who haven't been sunk by all the bad things happening in the housing market, to make your move to protect yourself and your family. This is an "inside tip" you probably won't read about anywhere but on eHow, so pay attention.

Step2

There are two ways to get equity money out of your home beside a total refinance. A - home equity loan and B - home equity line of credit.
Whatever you do, do not take option A. These type loans have monthly interest that goes up and down, and with the financial market in turmoil
forget this one.

Step3

Option B is what you should choose. A home equity "line of credit" is like a credit card and based on your current equity. You can take out a credit line and not be penalized if you never use it. Plus, you only make a payment on what you use NOT the entire amount. It's a great safety parachute in case of emergency.

Tips & Warnings

Check various lending institutions for the best deal. Some charge NO fees, but be sure to read the "mouse print," and trust nobody but yourself.
You should make your move quickly since lenders are getting choosy on who they give money to.