Home Equity Loan vs Home Equity Line of Credit (Home Equity Loan vs HELOC): https://onlydifferences.com/home-equi...

A home equity loan provides a lump sum upfront with a fixed interest rate and a set repayment period. In contrast, a HELOC provides a revolving line of credit with an adjustable interest rate and a flexible draw period. Using this equity, homeowners can finance significant expenses, such as home improvements, education, or debt consolidation. An equity line of credit (HELOC) or a home equity loan are two common ways to access this equity.