HELOC vs home equity loan
Both let homeowners borrow against the equity in their home.
Key points
- A HELOC is revolving: borrow, repay and borrow again, usually at a variable rate.
- A home equity loan is a lump sum at a fixed rate with a set payment.
- Your home secures both, so missed payments put the home at risk.
What to do next
Estimate interest-only and amortized payments with the HELOC calculator.
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