Compare Home Equity Loans and Lines of Credit
Home Equity Loan/Line Comparison |
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Home Equity Loan
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Home Equity Line of Credit
(HELOC) |
Product Similarities
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Receive funds in lump sum
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Make loan advances as
funds are needed |
Interest on either type is typically tax deductible*
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Borrow a specific amount
for a set period of time |
Offers easy access for
unexpected expenses |
Interest rates are generally lower
than other types of credit such as personal loans or credit cards |
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Fixed interest rate
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Variable interest rate
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Funds can be used for many purposes
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Regular monthly payments
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Fluctuating monthly payments
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Applying is quick and easy
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*Consult your tax advisor about the deductibility of home equity interest.