Is it a good time to take out a home equity loan or line of credit at this time or will it be better to wait?

Question

Is it a good time to take out a home equity loan or line of credit at this time or will it be better to wait?

Answer 1

If you wait, you will be shut out.

Citibank just announced that they are FREEZING all home equity lines of credits.

Their lending standards just went WAY UP  you have to have 65% equity and the bank will send their own appraiser to determine NOT what your house is worth, but how much the appraiser thinks it will sell for.

You snooze, you lose.

Answer 2

It is never a good time to do so unless you have an emergency.