Home Equity Loan

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan reduces actual home equity. Most home equity loans require good to excellent credit history. It is a one time lump-sum loan, usually with a fixed interest rate.

For example, if your home is worth $100 000, you can take out a home equity loan of $20 000, this reduces your home equity to $80000 and the repayments for the $20 000 are added to your mortgage repayments.

HELOC

HELOC means Home Equity Line of Credit.  You borrow on your home equity, but this time you do not receive a lump-sum up front, instead you are given a line of credit to borrow sums that total no more than the credit limit you have requested. For HELOC, the interest rate may be adjustable.

For example, if your home is worth $100 000, you can establish a HELOC worth $20 000. It will act like a credit card with a $20 000 limit that you can draw from at any time you wish.

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