Home Equity Loan or Line of Credit?

Budget and Save

So you're finally ready to fix up your home and add to its value. Other than color schemes you have one more important decision to make: what makes more sense - a home equity loan or a home equity line of credit?

There are several differences between a HELOC and Home Equity Loan that may sway you either way. For instance, home equity lines of credit often have more flexible repayment terms than a standard home equity loan. And, home equity loan payments are typically fixed over the repayment period, while home equity lines of credit can offer interest-only payment terms or outstanding balances can be repaid using a variety of repayment strategies. Calculate your estimated payment below and decide what will work best for you.


The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.