Home equity is the difference between what your home is worth and the amount you owe on it. For most homeowners their home is their biggest asset and it usually represents a treasure trove of cash. In 2005 the value of home equity across the US was $11.3 trillion. The percentage of home ownership in 2005 was 69% down slightly from the record 69.2 % in 2004. Almost 124 million Americans own their own home.

With this treasure trove of cash available, literally for the asking, it makes no sense to have credit card debt. It makes no sense to borrow money for anything other than with a home equity loan. Any big expense that comes up like college expenses, medical expenses, and travel, on and on can be taken care of handily with a home equity loan.

Here are the top reasons why people get a home equity loan. I am sure there are others. How creative can you be?

1. DEBT CONSOLIDATION. Maybe the most common because it makes the most sense. Again you are using the cheapest money-near a first mortgage rate-now as cheap as 7.5% to pay off the most expensive (10-23%) for credit cards and other debts. There is no cheaper lending rate than a first mortgage rate.

2. HOME IMPROVEMENTS. Adding value to your home and increasing the enjoyment factor is near the top of the list for reasons to get a home equity loan. There is nothing more fun than a new pool in the backyard or a new enclosed patio for a second family room. The list goes on.

3. COLLEGE EXPENSES. The dream of a lot of parents these days is to be able to send their children to the college of their choice. College expenses are growing at a rate higher than even medical expenses with no end in sight. In this day and age of a global economy a college education is almost a must. A college education is the biggest gift parents can give to their children.

These are the most popular uses of the proceeds from a home equity loan. Of course there are many others. Your imagination is your limit. Just beware that you are using your home as collateral. Have fun but do so responsibly.

Your quest for the BEST deal on a home loan starts with knowledge and information-you can't have too much of either.

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