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Comparing Home Equity Loans and Home Equity Lines of Credit
On the surface, home equity lines of credit (HELOCs) seem to have an advantage over home equity loans (HELs).
After all, if they both accomplish the same thing (they are both second mortgages that access home equity), then the HELOCs flexibility seems to give it an edge. Right?
There really isn't a yes or no answer. The answer entirely depends on the borrower and his or her needs, goals, preferences and discipline.
Some of the major features to think about include:
- flexibility
- how much money is needed
- when the money is needed
- closing costs and annual fees
- budgeting monthly payments
- financial discipline
- length of loan period
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