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Home Equity Loan vs. HELOC

For many people, their home is their largest asset. And its value generally grows over time, producing more equity for the homeowners. How can homeowners make use of this equity without selling their house? A home equity loan or a Home Equity Line of Credit (HELOC) are both popular options with different pros and cons. Home Equity Loan A home equity loan is a second mortgage that is structured very similar to a traditional mortgage. The amount of the loan will be based on the owner’s existing equity in the home as well as by income and credit history. If all the right factors are i...

December 26th, 2018 | Home Equity, Credit, Home Equity Loan vs. HELOC