Should You Get A Home Equity Loan Or A HELOC?
When it comes to using the equity in your home to borrow money, two popular options are a home equity loan or a home equity line of credit (HELOC). Both of these methods are quite different, which is why it is important to know the key differences before you speak to a lender.
Home Equity Loan
What makes a home equity loan unique is that it is an amortized loan. This means that you are given a payoff period that is a set number of years.