· Have all proposals submitted in writing.

Take the time to compare them and always make sure you are comparing the same types of things. For instance, don’t just look at the bottom line number on the closing costs see what each lender is including in the closing costs.

· Be alert to potential scams.

Don’t be intimidated by your refinancing lender into signing anything that isn’t absolutely true. Don’t sign anything that has blanks or that you haven’t read.

· Know your rights.

There is generally a three day penalty free right to cancel when you refinance your loan. If something doesn’t seem correct to you, don’t shy from invoking that right.

Refinancing your loan in order to access your home equity can be a wise financial move. Your home, however, is probably the largest portion of your net worth so proceed with caution and knowledge.

About The Author

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

View her recommended http://www.abcloanguide.com/refinancehomeequityloan.shtml lenders.