Where to keep your home equity loan money until you need it

Once your home equity loan is approved, you'll be sitting on a pile of cash. And depending on your plans, those funds may be in standby mode for several weeks or months. However, letting your cash sit idly could mean missing out on interest earnings in the meantime. So, here's how to maximize the earnings on your home equity loan money until you're ready to spend it. Step 1: Consider your time horizon The lump sum you're given at closing on a home equity loan is likely to be quite sizable. You may int ...