Take a look at this comparison chart to help you decide which home equity financing option suits you best.What is it? Financing type Rates How you access funds Payments Perfect for: HOME EQUITY LINE OF CREDIT (HELOC) Reusable line of credit where your home serves as collateral ...
We usually associate house-based lending — mortgages, home equity loans — with a fixed interest rate and stable payments. But home equity lines of credit (HELOCs) are different: The interest rates on HELOCs are usually variable, fluctuating with the prime interest rate (or other benchmark r...