If you're a homeowner in need of money, you probably have some loans that are easily available to you. As long as you have some equity in your house--the amount of your home's value minus any amount you still owe on it--you can tap it for cash. In general, these three loans are easily available to most homeowners:

HOME EQUITY LOAN:

Based on the amount of equity in your home, you can borrow on that amount and receive it in one lump sum. Your lender will assess the amount you can borrow, and you'll simply need to fill out some paperwork before receiving your check. Although your credit history and credit score will probably be checked during the application process, even those with less-than-perfect credit can usually get approval as long as you have sufficient equity in your home. A Home Equity Loan is perfect for folks who need a chunk of money for remodeling or an emergency.

HOME EQUITY LINE OF CREDIT:

Similar to a Home Equity Loan, the amount you can borrow is based on the equity in your house. However, rather than receiving a lump sum of cash, you'll be issued a line of credit. This is a revolving account--meaning you can draw off it over and over again. This type of loan is best for folks who plan to use it as an emergency fund, or who are going to make many small repairs to their home over time.

SECOND MORTGAGE:

In this case, you simply take out a second mortgage loan on your home. By placing a second loan against your home, you get a lump sum of cash to use for whatever reason you desire. However, second mortgages tend to be expensive. You'll have to pay closing costs, fees and possibly points on your loan. The interest rate tends to be higher, since a second mortgage is a bigger risk for a lender (in the event of default, your first mortgage is the one that gets paid off).

Most homeowners will find that they qualify for at least one of these three types of loans. Choosing the best one for you depends on your personal circumstances, such as the amount of equity in your home and the reason you want the cash.