Loan Comparison
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| |
Home Equity Line of Credit |
Home Equity Loan |
| Accessing your equity |
Borrow and repay your equity like a revolving credit line up to an approved credit limit. |
Receive your equity in one lump sum amount |
| Payments and interest rates |
Payment amount based on the amount borrowed. Interest rate is variable. |
Both your payment and interest rate are fixed over a specific period of time. |
| Uses for equity |
Home improvement, debt consolidation, travel purposes. |
Purchase of second property or other specific purpose |