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Should You Apply for a Home Equity Loan or Get a Line of Credit?
Making the choice between getting a line of credit and applying for a home equity loan is a tough decision to make. Both will be tapping into your home equity, which means that to get either loan, you’ll be using your home as collateral. However, getting a home equity loan or applying for a line of credit is certainly smarter and easier than getting a personal loan. If you need money to pay off high-interest credit card debts, send your child to college, finish your basement, renovate your home to bring up its value, or invest, using your home equity by accessing it through a loan can really give you the breathing space you need with your finances.
Why is choosing between a HELOC and a home equity loan such a challenge? Since both loans tap home equity, shouldn’t they be basically the same? The reason why it can get confusing to pick between a home equity loan and a HELOC is because both of them have a lot of benefits, but which one will be more beneficial is based on case to case scenario. Their key differences are explored below.
Interest RatesA HELOC typically has a variable interest rate that is dependent on a ... more
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