Before you do anything related to home equity loans, you should ask yourself do you really want a home equity loan. For example, using home equity loans to buy a car is not a very good idea - especially now when 0% interest rates and no money down loans are available. You should not risk losing your home to buy a new car. However, using equity loans for home improvements is a great idea because this will add value to your home. Your own business, investments and educational expenses are all good reasons to take home equity loans. The best thing you can do now is to browse the Internet and research all your options.