Understanding the Difference between a
Home Equity Line of Credit (HELOC) Vs. Home Equity Loan
Home Equity Loans, sometimes referred to as Second Mortgages, are more similar to a traditional mortgage loan in which the amount you choose is set and all the funds are delivered up-front. Interest is applied at a fixed rate over the term that you select which can go up to 15 years. This solution works well when the amount you need to borrow is well defined such as consolidating several high interest debts or making a large purchase.
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