When you want money for a home improvement or other large expense, consider ING Direct home equity loans. ING home equity rates are competitive and this can offer you the money you need to get the job done.

Home equity loans are different from ING home loans. A home loan gives you the money that you need to purchase your home while a home equity loan allows you to borrow against the money that you have already paid towards your mortgage. For example, if you had a $200,000 mortgage and have $100,000 equity in it, then your home equity loan must be for less than $100,000.

Some of the benefits of an ING home equity loan are:

1. You can borrow up to 75% of your equity with home equity loans from ING. This should give you all the money you need to complete your project.

2. Unlike other companies, there are no fees to open or maintain ING Direct home equity loans. This can save you money.

3. There is also no early payment penalty. Some companies charge additional fees when you pay in advance. ING encourages you to be financially responsible and pay off your loans as soon as you can.

Action Steps
The best contacts and resources to help you get it done

Apply for ING home equity loans to get the money you need

ING makes it easy to apply for a home equity loan. This is a great way to pay for unexpected expenses. You will quickly know if they can approve your loan application.

I recommend: Start by using the solutions calculator to find out how much money you can borrow though an ING home equity loan. Alternatively, you can apply directly, by clicking on the "Apply Now" button on the page that gives you information about ING Direct home equity loans.

Compare the rates on an ING Direct home equity loan with other companies

There are many benefits to the ING home equity loan, but you should still be diligent about getting the best deal. It's always a good idea to compare the rates of other companies before you sign a contract.

I recommend: Bankrate.com is an excellent resource for comparing the rates on home equity loans. You can also compare rates on MortgageLoan.com.

Consider a cash-out refinance instead of ING equity loans

A home equity loan isn't your only option for getting the money you need. You should also look at a cash-out refinance of your mortgage, which may offer better rates.

I recommend: ING Direct offers two additional mortgage products. For example, you can get ING Direct home loans through the Easy Orange or the Orange Mortgage. Each offers its own advantages and disadvantages, so choose what's best for you.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  ING Direct home equity loans typically work like a line of credit. Remember that you don't have to withdraw the maximum amount. Only use the amount of money that you need.