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Equity Loan vs. Credit Line
Equity loan vs. Credit Line Click to hear Dax discuss the differences between equity loans and credit lines: A Home Equity Loan: A second mortgage loan: This type of loan provides you with a fixed amount of money repayable over a fixed period. Generally the loan calls for equal payments that will pay off the entire loan within that fixed time. A Home Equity Line of Credit A home equity line is a form of revolving credit in which your home serves as collateral. Many homeowners prefer to use their credit line for items such as education and home improvements, not for day-to-day expenses. With a home equity line, you will be approved for a specific line of credit. That amount is the maximum you can borrow at any one time while you have the credit line. Home equity plans typically include a fixed time during which you can borrow money, such as 10 years. Once approved for a line of credit, you will typically be able to borrow up to your credit limit whenever you wish. APR and Equity loans
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