In many cases, homeowners have to borrow the money they need for a project, and most of the time they use a personal loan or a home equity loan. Pros of home equity loansWhen you own a home, it's easy to automatically assume a home equity loan would serve your needs best — and you could be right. At the end of the day, home equity loans and personal loans can both work well for your home remodeling project. Also, make sure you consider any fees involved in both home equity loans and personal loans. (See also: 5 Personal Loan Fees You Should Never, Ever Pay)Fortunately, it's easy to compare home equity loan and personal loan terms online.