Our home's equity can be our best source of cash for times of need, debt consolidation, and for also improving our surroundings and our lives. But often borrowers do not want to refinance their first home mortgage to access the cash available through their home's appreciation; when this is true, the best option then becomes the home equity loan.

So, pick up the phone, call your lender or loan officer and discuss:

• How much will my home equity loan cost? Many lenders are now offering no closing costs and low closing cost home equity loans. Find out if you qualify for a reduced closing/no closing cost home equity loan and ask if there is a difference in the interest rate charged if you elect one.
• Discuss the amount of your home equity loan and compare interest rates. Lenders offer different interest rates for different loan amounts borrowed and for the amount of equity you use.
• Determine the payback term. It used to be that home equity loans were treated like second mortgages and were amortized over 30 years and due in 15 years. For most borrowers, this often led to another refinance to pay off the balloon payment. Now you can elect to pay your home equity loan off earlier than before.
• Is there an early payoff fee or prepayment penalty if you pay your home equity loan off early? Most lenders charge a nominal fee, but others charge more. Ask for a truth-in-lending disclosure with the pre-payment penalty defined before you commit to your new loan.

Now that you know the basics to getting a home equity loan, pick up the phone and access your home equity today.