Well, the Mortgage Insider, got cited in today’s edition of the Washington Post where I discussed the financially irresponsible practice of paying off credit card debt with home equity loans.

The reporter, Dan Rafter, who interviewed me for his story,
“For Every Loan, a Proper Use: There’s More Than One Way to Tap Home Equity” did a good job outlining all views on home equity loans and treated my comments fairly as well when he writes,

You can get a home equity mortgage loan from almost any banking or mortgage institution. A broker, your local bank, big nationwide banks, credit unions, or investment firms like Etrade and others all sell home equity mortgages.

But which is the best one to use for a home equity mortgage loan?

There are dangerous differences between a HELOC mortgage and a traditional home equity loan. Ignorance of HELOC mortgage differences in home equity loans can cause real trouble.

So, let’s get started unraveling those dangers….