Home equity loans and second mortgage are a great way to finance a home improvement project, pay off high interest debt or provide the working capital for your other financial goals. Equity loans and second mortgages allow you to keep your existing first mortgage. Many lenders offer these types of loans on terms ranging from five to thirty years and for loan amounts from $10,000 to $500,000.   Here are some tips for obtaining the lowest rates and best mortgage programs:

• Consider how long you will need to pay back the loan as this will impact the necessary loan term

• Don't focus strictly on the interest rate

• Ask questions to find out if there are any stipulations to qualify that may change the terms