Homeowners with equity have access to two unique financial options: home equity loans and home equity lines of credit (HELOCs). But what’s the difference?
HELOC
💰 Credit line that you can draw upon as needed
💰 Only pay interest on the amount you borrow
💰 Variable interest, depending on your credit score and the prime rate
Home Equity Loan
💰 Lump sum loan (meaning you receive the full amount at once)
💰 Set monthly payments
💰 Fixed interest rate that’s typically lower than a HELOC The best option for you will depend on your individual needs and circumstances.
Reach out for a referral to a loan officer who can help you make an informed decision.
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