Home Equity Line of Credit (HELOC's) are getting harder to secure and more costly according to the Seattle Times and New York Times.

Banks are charging higher rates and are not granting as many HELOC's as in the past. Concerns still linger over a house being upside down financially (owing more on the house than what it is worth). If you do have one already don't be surprised if the bank wants to reduce it or increase the rate on it. Currently rates are over 5%, higher than many long term loans. Banks are hoping the higher rates will curb the use of these loans. Click here to see the entire Seattle Times/New York Times article on HELOC's.