If you're planning a costly home improvement project, consider getting a home equity loan in Connecticut. This loan acts like a second mortgage and the payment plan is set up similarly. You get your money in one lump sum and you can spend it however you like. You simply pay it back in monthly installments over the term period you've selected, which is usually five, 10 or 15 years.

The upside to this loan is that the interest rate is fixed. The downside is that an appraisal of the home is usually needed and sometimes lenders require you to pay closing costs. Despite this, the best way to finance your project is to get a Connecticut equity home loan. Here are a few tips to help get you started.

1. Make your local bank your first stop when getting a home equity loan in CT. Consider lenders you've already established a rapport with.

2. Apply online at a Connecticut home equity lender. This really speeds up the process.

3. Check out the going Connecticut home equity loan rate. This knowledge will assist you in negotiations when applying for your loan.

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

Find a lender of home equity loans at Connecticut banks in your neighborhood

It's very convenient to get your loan from an institution you already bank with. If you've already put your trust in your bank or credit union, you can be sure their loan officers will give you the best service.

I recommend: Check out the home equity loans offered by Essex Savings Bank. Chelsea Groton Bank offers loans up to 80% of the appraised value of your home.

Apply online for a CT home equity loan

Many lenders offer online applications to simplify the process. If you're short on time, fill out your information online and submit it to the bank for approval.

I recommend: Use the application at Citizens Bank to apply for a home equity loan. You can also apply online at People's United Bank.

Determine the usual Connecticut home equity loan rates

In order to know if you're getting a good rate, you should look at a few banks' websites to find out what their lowest rates are so you can negotiate the rate you're offered.

I recommend: Find out the rates of various Connecticut lenders at Mortgage101. Fill out a simple form at MortgageLoan.com to find rates for home equity loans in Connecticut.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Sometimes it's better to use Connecticut home equity loan refinancing instead of using a traditional home equity loan. You can do a 'cash out refi' and pull out money for home improvement; you won't have a second mortgage, which can carry a higher rate than your first mortgage.