"dpb" wrote in message ...
wrote:
I am thinking about applying for a home equity line of credit ...

There is no substantive difference between an equity loand and a second
mortgage.

The major difference is that a second mortgage loan is usually for a fixed
amount and a fixed term with a fixed interest rate.

An equity loan on the hand works a lot like a credit card. As long as you
can make the payments the term can extend forever and they can milk you for
thousands in interest while you never manage to reduce the principal amount.

Either effectively and prudently used can be a valuable tool. Mis-used
either can be a bankruptcy waiting to happen.

I suggest you never use either to finance a "lifestyle" and that can apply
to unnecessary home improvements.


--
Colbyt
Please come visit www.househomerepair.com