Question : What is the difference between a HELOC and a Home Equity Loan?
I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?
- asked by King Money 1985
All Answers:
Answer #1
HELOC stands for Home Equity Line Of Credit, It isa revolving line of credit much like a creditcard, the account is revolving for ten years,thenconverts to a fixed rate loan, A home equity loanon the other hand is a fixed loan for a set amountand is usualy amortized over ten years. hope thishelps.
- answered by cafe_blue_note
Answer #2
To add from above, all HELOC's can be fixed atanytime. The down fall is that you have to payboth principal and interest, instead of justinterest.
- answered by barraganf2001
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