How much can I borrow?
Home Equity Loan vs. HELOC | Home Equity Loan | Home Equity Line of Credit |
---|---|---|
Type of Interest | Fixed-Rate | Variable-Rate |
Repayment Term | 5 – 10 Years12 | 15 Years |
Payout | Lump Sum | Revolving Credit |
Type of Loan | Secured | Secured |
Best For | Debt Consolidation, major renovation costs | Intermittent cash needs over a number of years |