if you got your first loan as a result of filtering out the best from other available loan products for you, then there’s a great chance that getting their services again would be best for you.. if it was a direct lender, your best bet might be a mortgage broker who can search the lowest/best loan package based on your circumstances and qualifications.. there’s one i highly recommend as a good find and do business in 46 states -

With a HELOC you are almost always best served to go to your local bank where you do your normal checking and savings. They will typically do a HELOC for no cost and at the lowest rates. If you go to a broker- and I am one- we don’t make much money on HELOCS so we have to charge you higher points to make any money on them. That has to be worth something if a broker is telling you to go to the local bank…

I don’t believe that to be true. Your current lender should want your business as much as the next guy.

On a second lien, the rate is always higher, because it is a riskier position, this is regardless of lender. You might want to look at refinancing the first mortgage and getting the cash that way. Here is what you do, get quotes for the home equity loan and than check the blended rate with your first mortgage. If you can get a refinance done with a better rate than that blended rate than go with the refi. Always shop around, because it gives you more options.

While that may be true, if you shop around you may have upfront fees and qualifying requirements that your current lender probably wouldn’t ask for.