Have you been spending a fortune improving your home? Then it is about time to count your money in terms of the home equity line of credit.You’re Sitting on a Fortune!You might not have the cash to show it but your home can get you the cash you need for the college tuition of your child or to pay off a huge medical bill. If you haven’t the faintest notion where to borrow money start checking out mortgage lenders willing to give you a home equity line of credit. There won’t be a problem if there’s no bad mortgage precariously dangling over your head or a bad credit record smirching your credit reputation.With the right documentation, a good credit record, and a house outfitted with the latest in home decorating and improvements, you have every right to demand lower rates from the local lender. Lenders will have your house valuated against the going market rates to determine if you are indeed eligible for a home equity line of credit. With everything going right for you, you get the best deal for this type of credit and you get the money you need immediately.Don’t lose hope now if you have no money just when you need it. Your beautiful house will be your best friend in time of need. A word of caution though, don’t get carried away by the huge amount you can borrow, but settle for a number you can afford to pay monthly on a long term mortgage granting that your income does not dip over the years. You have the option too to pay the loan – weekly or monthly, whatever suits your convenience and your pocket. This flexibility gives you control over your loan.Generally lenders offer 80% of the value of your home. If your home is currently valued a million dollars, imagine the amount you can borrow! If you are getting a another mortgage loan or a refinance, using the home equity line of credit, whatever balances you still will be deducted from the cash you receive but the deducted amount is used to pay off the old loan.Never Want for a LoanIf you don’t miss a payment over the years, you reduce your loan balance and increase the available credit. When the draw time is near, you immediately get another loan. If you the draw period is over, you cannot get another loan. That is how the home equity line of credit works. You can use the new loan for a car purchase, a vacation, or take advantage of investment opportunities that come your way.If you have bad credit owing to some unforeseen emergencies but the value of the homes in your area have increased and you have done a lot of improvements in your home, you can still get loan of this type from reputable local mortgage lenders and enjoy the same advantages given to borrowers with good credit standing.However, you have to make do with the higher interest rate but then in the long run, you can clean your credit record with timely payments over the years and eventually increase the amount you can borrow against your home’s equity. Check the home equity line of credit rates of local lenders and solve your money problems fast.