Home equity line of credit (HELOC) Get ongoing access to funds with a home equity line of credit by itself or combined with a first mortgage. More on HELOCs
Both a home equity loan and a HELOC are ways to cash in on your home’s equity, but they work differently. A home equity loan gives you all the money at once with a fixed interest rate.
A home equity loan (HEL) lets you borrow a fixed amount, secured by the equity in your home, and receive your money in one lump sum. Typically, home equity loans have a fixed interest rate, fixed term and fixed monthly payment.