Are you contemplating getting a home equity loan?  You may want to check out the possibility of putting a second mortgage on your home instead.  There are differences to consider between the two types of loans.  2^nd Mortgages provide a specific sum of money borrowed for a set time.  Payments are amortized for the term and figured out as an exact monthly payment.  This provides for a more stable long term plan that you can set up a budget for.  You would not be subject to fluctuations in interest rates as it is set from the start unless you have a floating rate. 

 A home equity loan is more like a line of credit or similar to a credit card, except there is no card.  Usually it is used for larger purchases than what a credit card would be used for.  It is an open loan that allows for a certain amount of available borrowing power based on equity you have in real estate or property you own.  Generally the lending institution will set that amount based on an appraisal of the subject property that is being used as collateral.  One major difference between these types of loan over a second mortgage is that the lender can freeze or limit the use of it if they feel your property has lost value due to market circumstances.  A typical example of this might be someone who had a property in Florida before the market collapse of 2008 who had such a loan.  Their property effectively decreased in worth by half in a short period of time.  The lender has more control over this type of loan.  Of course you have the option of finding another lender but remember there are always fees to set these types of financial contracts.

 No matter which type of borrowing scenario you choose make sure you read the fine print and shop around for the best interest rates.