Can I get a home equity loan at the same time or immediately after I get a home loan?

You can only take out a “home equity loan” if your going to improve your home with a set amount (20,30,40,50) loan – The bank will not give you this money, but will allow to spend this money by setting up a separate checking account – that you use exclusively for the Contractors you hire and rental of equipment and purchase of new material – appliances – etc. Even if you are getting a loan for the full amount of the cost of the house, your credit rating is what will allow the bank to set up this separate account for you. Don’t forget you will be paying both the Mortgage and will have to repay the H.E.L. – with a set amount each month. Unless your home is so under priced, and another lender will see the potential – you may get a second mortgage (junior loan) usually only 5% of what the home is appraised at.