SEATTLE - The housing market is cooling down. So you may be thinking that you need to get a home equity loan now, before the value of your home goes down.

"I think this is a dangerous line of thinking for many consumers," says Greg McBride, Senior Financial Analyst for Bankrate.com.

McBride says you don't want to get in over your head and face a default or foreclosure.

A home equity loan "is not the same as going to the ATM and withdrawing your own money," he says. "It's borrowing. Even if the value if your home does fall, you still owe the money."

Remember, the days of 4% home equity loans are long gone. Now, it's 8 or 8.5 percent.

"Think carefully,” McBride cautions. “It may still make sense, but you have to think about it in the context of your long-term needs and how long you plan to be in the home."

More Information:

Home equity is not your savings account