What’s the difference between a home equity loan and a HELOC?
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A home equity line of credit is flexible. You tap it when you need it, up to your limit, and pay interest only on what you use. It’s good for renovations that happen in phases or when you’re not sure what the final bill will be.
A home equity loan gives you one lump sum. You receive the full amount borrowed, make fixed payments, and know what your payment path looks like from the start. This can work well when you have a clear cost in mind and want a more predictable structure.
The best option for you depends on your plans, your budget, and how you want to use the funds. We can help you compare both options and understand what may fit your next step. Request a call back
