Dear EchoBay Expert:

Dear Loyal Reader: The maximum amount you'll qualify for when applying for a home equity loan will be determined by a combination of factors, first and foremost being the amount of equity you have in your home. You credit history will also play an important factor, but the amount of your home's value is the primary consideration.

Generally, lenders will require you to borrow at least $10,000, so if you only have a couple thousand dollars equity in your home, a home equity loan isn't a viable option for you. You can usually borrow up to 80 or 90 percent of the equity in your home.

For example, if your home is worth $150,000 and you still owe $100,000 on it, you'd have $50,000 in equity. If your lender approved you to borrow 80 percent of your total equity, you'd be able to get a home equity loan for $40,000.

While some home equity loans allow you to borrow more than 100 percent of the equity in your home, this isn't always a good idea.

If you were to sell the home and still owed more on it than it was worth, you'd need to come up with the difference at closing, and that can be quite a large chunk of money. It's a good idea to try to keep the total debt of your home to less than 90 percent of its value.

Dear EchoBay Expert:

Dear Loyal Reader: There are not. While there are lenders who specialize in no income verification home equity loans, you will not find one with rates comparable to a fully documented loan. When you do not provide income verification, your lender is taking on considerably more risk than if all of the information is provided and verified.

Because of this, the interest rate will be higher. While you won't find the same rates as regular home equity loans, you can still find a good rate. One of the easiest ways to accomplish this is online. You have access to a variety of lenders with a click of your mouse and it will be easier to find someone who specializes in no income verification home equity loans.

You can also check with your bank or credit union to see if they offer these types of loans. Be sure to check out all of your options and compare all of the loan terms, not just the interest rate. A little time spent shopping could save you a great deal of money in the long run.