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What Is The Difference Between A Heloc And A Home Equity Loan?

I know a HELOC is a “Home equity line of credit” but what is the difference between that and a “Home Equity Loan”?

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This entry was posted on Saturday, May 9th, 2009 at 2:46 am and is filed under Home Equity Loan Q&A. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


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2 Responses to “What Is The Difference Between A Heloc And A Home Equity Loan?”

  1. cafe_blu says:
    May 8, 2009 at 10:46 pm

    HELOC stands for Home Equity Line Of Credit, It is a revolving line of credit much like a credit card, the account is revolving for ten years,then converts to a fixed rate loan, A home equity loan on the other hand is a fixed loan for a set amount and is usualy amortized over ten years. hope this helps.

  2. barragan says:
    May 8, 2009 at 10:46 pm

    To add from above, all HELOC’s can be fixed at anytime. The down fall is that you have to pay both principal and interest, instead of just interest.

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