A line of credit for home equity offers the capital you need to start and finish projects that increase the worth of your home or office. In some cases, although not highly recommended, this type of credit gives you cash to consolidate high interest credit cards or other loans at a lower rate. It also gives you flexible spending options for your small business so that making purchases or paying on improvements is as easy as using a credit card. With a home equity line of credit, you pay interest only on the amount you use, providing a cost-effective solution to your business's financial needs.

Home equity lines of credit information can be obtained through the financial institution of your choice. Knowing current available rates can help ensure that you find the rates that supply the lowest home equity line of credit for your unique purposes. When searching for a home equity line of credit, you should:

1. Secure a home equity line of credit from an Internet-based financial institution to support improvements to your home.

2. Apply for a line of credit for home equity that you can use on your business at the financial institutions that interest you.

3. Use a home equity line of credit to consolidate loans and free up more spending power for your business.

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

Use Internet-based companies to secure a home equity line of credit

Use an Internet-based financial institution with a solid reputation to secure a home equity line of credit to make improvements to your home. With low overhead costs, they can pass the savings onto you in the form of low, or no, fees for online banking.

I recommend: ING Direct offers home equity lines of credit available in varying amounts and at competitive interest rates. Change the terms of your home equity line of credit within the first 10 years for no penalty. Take advantage of the offerings from eLoan, an online-only bank. No hidden fees, a fast application process and easy access to funds are some of the benefits of working with eLoan.

Apply for a home equity line of credit for your business needs with the bank of your choice

Once you choose a financial institution, apply for the home equity line of credit options that fit your business needs. Contact a branch to meet with a bank representative for home equity line of credit information or take advantage of the Internet and apply safely and securely online.

I recommend: Apply for a home equity line of credit for businesses online with Wachovia, a trusted national financial institution. They offer competitive rates, easy-access funds and flexible credit line amounts. Simply fill out an online form to apply. Use Chase for your home equity line of credit needs. The home equity line of credit for businesses offers a revolving line of credit for easy-to-access funds. Chase offers convenient branches across the country and the option to apply for a home equity line of credit online.

Consolidate debt with a home equity line of credit

Apply for a home equity line of credit with an institution that offers you opportunities to consolidate debt. Excellent customer service and tools to use to manage your home equity line of credit funds are also important when you seek a financial institution for a home equity line of credit.

I recommend: US Bank offers home equity line of credit options to fit your needs. Consolidate debt, lock in your interest rate on all or part of your loan amount, make interest-only payments and take advantage of no closing cost fees. US Bank also offers easy-to-use checks and a no-charge Visa access card. Work with Bank of America, a national banking institution, to easily secure a home equity line of credit to consolidate your debt. They offer competitive rates, no closing costs, fast access to your funds and low monthly payments.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Understand current interest rates when you apply for a home equity line of credit. If offered a higher rate, you can request the lowest home equity line of credit rate available.