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HELOC or Home Equity Loan
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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HELOC or Home Equity Loan
What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
Pros/Cons of each?
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Posted 10/17/16 9:37 AM  |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: HELOC or Home Equity Loan
We had a HELOC for our 2nd mortgage when we first got our house. It was a great at first but then the interest rate kept fluctuating and at a certain point it was just becoming too much every month so we refinanced.
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| Posted 10/17/16 10:05 AM |
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MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: HELOC or Home Equity Loan
Home Equity Loan is like a 2nd mortgage. The line of credit it a loan that is there if you need to borrow money you can use the line of credit for as much as you need and you can continuously borrow up to the max of the line.
It really depends what you need the loan for.
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| Posted 10/17/16 10:12 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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HELOC or Home Equity Loan
With the Home Equity Loan - you have a set payment every month (if you have a fixed rate). With a HELOC, your monthly payment depends on how much of the line of credit you have actually used - you get a credit line and checks to draw the money out. There is usually a certain amount of time to use the money
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| Posted 10/17/16 10:15 AM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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HELOC or Home Equity Loan
Thanks everyone. I guess I should talk to the bank to see which better suits our needs and which has a lower interest rate.
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| Posted 10/17/16 10:57 AM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: HELOC or Home Equity Loan
Posted by nraboni
Thanks everyone. I guess I should talk to the bank to see which better suits our needs and which has a lower interest rate.
Also keep in mind how long it will take you to pay it back since I believe the HE Loan may have a fixed rate whereas the HELOC will likely be adjustable that could jump if interest rates increase.
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| Posted 10/17/16 11:20 AM |
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