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Heidi

What is the difference between a home equity loan and a home equity line of credit?

asked by Heidi - 1 Answer

We need to get access to $30,000, but not sure of the exact amount. Would it be enough to have the home equity line of credit?

Jimmy B

Best Answer by Jimmy B

A home equity loan you get all the money up front. A home equity line of credit you have the money available and can use it as needed. With a loan you pay interest on the whole amount. With a line of credit you pay interest only on the amount that you have used.

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