When we decided to do a huge remodel on our home, we opened up an Equity line of credit to pay for the things we needed. The bank we chose was National City. They have many local branches in our city and, we have an established relationship with this bank, so we felt comfortable opening the account. The first thing you have to remember when setting up an equity account is that the money you are borrowing is a loan against your home, just like your regular mortgage. So you don't want to borrow more than you can afford. That has gotten a lot of people in trouble recently with the housing downfall. There are a lot of homeowners today that now owe more on their homes than it is worth! So use the money wisely!
We are able to access the money with either a check or credit card that is tied to the account. This made it easy for us to buy the things we needed as we went along in the remodel. The rate can be either variable or fixed. There is a minimum monthly payment due every month and late fees and finance charges are charged as with any other credit account.
We have always liked doing business with National City, at least in our city; they have a small bank feel, where they care about the customer.