HELOC (Home Equity Line of Credit):

A HELOC is a flexible line of credit that lets homeowners borrow against their home equity as needed, like a credit card. You can draw money during the initial period and only pay interest on what you use. After that, you repay both principal and interest. Rates are usually variable.l.

HELOAN (Home Equity Loan):

A home equity loan is a lump-sum loan with a fixed interest rate, repaid in set monthly payments over time. It’s ideal for large, one-time expenses and offers predictable payments from start to finish.

Lower Interest Rates:

Typically better than credit cards or personal loans.

Flexible Use:

Fund remodels, tuition, emergency expenses, and more.

Potential Tax Deductions:

Interest may be deductible — consult your tax advisor.

Predictable or Flexible Payments:

• Home Equity Loans: Fixed monthly payments.

• HELOCs: Flexible, interest-only during draw period.

Build Equity Wisely:

Smart improvements can raise your home’s value.