Home Equity Loan
What you get
A single lump-sum payment for the full loan amount
How you use it
To finance large one-time expenses that have a definite cost
How you pay it back
Repay the full loan amount over a specific time period, at a fixed interest rate
Benefits
It offers simple repayment terms, and the security of knowing your payments will never increase.
Home Equity Line of Credit
What you get
A revolving source of cash that you can draw from as needed
How you use it
To finance ongoing expenses or miscellaneous purchases, like you would use a credit card
How you pay it back
Make payments on the outstanding balance, at a variable interest rate
Benefits
It’s there when you need it, and you only make payments on what you use.
What you get
A single lump-sum payment for the full loan amount
How you use it
To finance large one-time expenses that have a definite cost
How you pay it back
Repay the full loan amount over a specific time period, at a fixed interest rate
Benefits
It offers simple repayment terms, and the security of knowing your payments will never increase.
Home Equity Line of Credit
What you get
A revolving source of cash that you can draw from as needed
How you use it
To finance ongoing expenses or miscellaneous purchases, like you would use a credit card
How you pay it back
Make payments on the outstanding balance, at a variable interest rate
Benefits
It’s there when you need it, and you only make payments on what you use.
