Are there closing costs associated with a Home Equity Loan?

Yes, there are closing costs. They include appraisal fees, title fees, and recording fees, all of which vary by state and county. Your closing costs can either be paid at closing or simply deducted from your initial loan amount. For example, for a Home Equity Loan of $20,000 with closing costs of $500, the final loan amount you would receive would be $19,500.