HELOC vs Home Equity Loan

 

HELOC VS HOME Equity Loan

Homeowners with equity have access to two unique financial options: home equity loans and home equity lines of credit (HELOCs). But what’s the difference?

HELOC

1. Credit line that you can draw up on as needed
2. Only pay interest ​on the amount you borrow
3. Variable interest, depending on your credit score and the prime rate

Home Equity Loan

1. Lump sum loan(meaning you receive the full amount at once) 

2. Set monthly payments
3. Fixed interest rate that’s typically lower than a HELOC

The best option for you will depend on your individual needs and circumstances.

Joe Costa Broker/Owner

Park Place Collective

402 West Broadway, Suite 400

San Diego, CA 92101

619.990-7552

www.parkplacecollective.com