Q. I bought my first house a year ago, so I’m quite sure I haven’t built up a lot of equity. However, almost everyday I get mail pieces stating that I qualify for home equity loans. I normally throw them out, but now I need a home loan. Can I get one?

A. You’re right, you probably don’t have a lot of equity in your home unless you made a significant down payment – and from your letter, we’re guessing that isn’t the case.

That will make it hard to qualify for a home equity loan. But it never hurts to check with a reputable bank or mortgage company. You can find good lenders offering the best rates in our comparison charts.

As for those “offers” you’re getting, they can be best described as “junk mail.” You’re a new homeowner so you’re on a list. It means nothing and those are not lenders you can always trust.

Have a question about your finances? Ask us at editors@interest.com.

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