Home Equity Line of Credit vs. Home Equity Loan
- Money can be taken out over and over during the "draw" period.
- Can pay interest only minimum payments during the draw period.
- You can borrow up to 125% of the appraised value of your home.
- No prepayment penalty on many types of lines of credit.
- Variable interest rates only.
- Zero Lender Cost option
- Interest rates can be fixed rates
- Loan time lengths can vary greatly just like any other type of mortgage.
- You can borrow up to 125% of the appraised value of your home.