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Home Equity Loans Explained in Plain English
Home Equity Loans Explained in Plain English
If you've ever wondered whether a home equity loan or a line of credit (HELOC) is better for tapping your home's value, you're not alone. Here’s the no-jargon guide I wish I had before I borrowed.
Home Equity Loan: Quick Overview
- ✔ Fixed interest rate
- ✔ Lump sum payout upfront
- ✔ Predictable monthly payments
- ❌ Less flexibility if you don't need all the funds immediately
HELOC (Home Equity Line of Credit): Quick Overview
- ✔ Revolving credit (borrow only what you need)
- ✔ Typically lower starting rates (variable)
- ✔ Flexibility for ongoing expenses
- ❌ Payments can fluctuate with interest rates
Best Times to Choose Each
- Home Equity Loan: Good for large one-time expenses like renovations or debt consolidation.
- HELOC: Better for unpredictable costs like medical bills, education, or phased projects.
Pro Tip: Watch the Rates
With a home equity loan, your rate stays locked. With a HELOC, your starting rate might be low — but it can rise. Always read the terms carefully and ask about caps on rate increases.
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