Here are a few more tips about home-equity loans and lines of credit

• Shop around. Home-equity loans in particular tend to be offered at widely varying interest rates by different lenders; with a little searching, you can currently find a fixed-rate loan for under 6%--not much higher than some HELOCs.

• With home-equity lines of credit, pay close attention to the terms. Some lenders tack on $50 to $100 in annua
l fees, and some charge early-termination and inactivity fees as well. And if you're planning to draw small amounts
from a line of credit, watch for minimum-withdrawal fees.

• Be aware that interest rates on both lines and loans are more sensitive than rates on regular mortgages to
credit scores. That can work in your favor--if your credit is excellent, you may be able to get a line of credit without paperwork--but if your score is below 700, you probably won't qualify for the best rates.