What is the difference between a HELOC and a Home Equity Loan?

Sunday, 15. August 2010

I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?


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Posted in Home Equity Loan by admin

2 Responses to “What is the difference between a HELOC and a Home Equity Loan?”

  1. August 15th, 2010 at 8:16 am

    cafe_blue_note Says:

    HELOC stands for Home Equity Line Of Credit, It is a revolving line of credit much like a credit card, the account is revolving for ten years,then converts to a fixed rate loan, A home equity loan on the other hand is a fixed loan for a set amount and is usualy amortized over ten years. hope this helps.

  2. August 15th, 2010 at 8:16 am

    barraganf2001 Says:

    To add from above, all HELOC’s can be fixed at anytime. The down fall is that you have to pay both principal and interest, instead of just interest.

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