My hubby asked "Do you want to go on a cruise?"

There are two strategies for this circumstance. First, check to ensure there is no prepayment penalty. That's important. Then see if it is a home equity loan or a home equity line of credit. (They are different, one is a loan and the other is the ability to get money -- a loan -- if you need it.) You can repay the loan quickly. The bank is hoping that you'll use the money and then they will get interest earned. You can put the loan money into a CD or Money Market account so that the interest on the loan and the interest you earn are close. This is an option to use if your credit is poor. The interest on a home equity line of credit should be tax deductible. The interest on the money market account is not. The interest you earn will be slightly less than the interest you pay. However, if you don't touch the actual loan amount, you can build a good payment history and -- thereby -- improve your credit. Good credit affects how much you pay for insurance, what credit card offers you get, what rates you are offered for a loan, and the like. If you get a 5% home equity loan and a 4% CD on a 10k loan, you pay $500 in interest and earn $400 in interest. If your tax bracket is 25%, then your tax deduction of $500 interest saves you $125 on your taxes. That should mean (unless my math is off) you essentially make $25 and help improve your credit score. Not a lot, I know, but if you can keep from spending the money -- you can come out ahead.

Thanks for BR :)