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What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

  • Listed: August 13, 2022 9:45 am
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What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

With a home equity loan, you receive the money you are borrowing in a lump sum payment and you usually have a fixed interest rate. With a home equity line of credit (HELOC), you have the ability to borrow or draw money multiple times from an available maximum amount.

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