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Home Equity Loans vs. Home Equity Line of Credit

Which is best for you?

Choosing between home equity loans and a home equity line of credit really depends on how you plan to use the equity. Use the simple 3 step process below to determine which is best in your specific situation.

 

ONE TIME EXPENSE                                        ONGOING EXPENSES

Step 1)                                                          * A major purchase                                            * Home improvements
What do you                                                  * Down payment on a home                                * Education or medical expenses
need the                                                        * Debt consolidation                                           * A life event like a wedding or new baby
funds for?
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Step 2)                                                         * Fixed interest rate and term                             * Access to credit as needed
Which features                                              * Fixed monthly payments                                  * Re-use funds without reapplying
and payment                                                 * Proceeds in one lump sum                               * Low monthly payment options
options do
you prefer?
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Step 3)                                                         * Home Equity Loans                                      * Home Equity Line of Credit
What's the best                                             * Fixed rate, fully amortized 5-30 year terms       * Variable rate interest only payment with an option to
home equity                                                                                                                            convert any outstanding balance to a fixed rate advance
financing option?                                            * Loan amounts from                                         * Line amounts
                                                                      $30,000 to $1 million                                          from $30,000 to $1million

 

Prequalify for your choice

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