Home Equity Loan vs. HELOC: What’s the Difference?

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Today we are going to be comparing home equity loans and home equity line of credit. A home equity loan and a home equity line of credit or heloc are both loans that are secured by a borrower's home. If you have a home you can take out an equity loan or a credit line if you have equity in your home. Equity is the difference between the amount owed on the mortgage and your home’s current market value. The biggest difference between the home equity loan and the home equity line of credit is that the heloc allows more flexibility to borrow as much or as little as needed on your time frame, Without having to reapply for another loan.
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Mary Howard
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