- What is the difference between home equity loan and a home equity line
of credit (HELOC)?
A home equity loan provides you a lump sum, similar to your first mortgage.
You make payments on this lump sum as soon as you use it. A home equity line
of credit provides a revolving line of credit, similar to a credit card. You
make payments based on the amount you have used.
- What are the advantages of a home equity?
Typically, home equity loans and lines of credit provide low interest rates
and the interest payments are tax deductible.
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