Image of  a young couple researching financing options at a laptop.

Know the differences between _ Home Equity Line of _ and a Home Equity _

As a homeowner, you choose to use your _&;_ equity to secure a _ or line of credit __ an affordable and convenient to access funds for __ needs. But you may __ wondering what the differences between a Home Equity _ of Credit (also known __ a HELOC) and a _ Equity Loan. When choosing __ a HELOC vs. a _ Equity Loan you’ll want __ understand the basic distinctions __ these personal financing options __ pick the one that _ your needs.

What is a Home _ Line of Credit (HELOC)?

The money you have towards owning your home (_ home’s equity) used as for a type of _ credit line. With a from Great Western Bank :

  • Are given access to with an agreed credit .
  • Can access these funds check or Banker.
  • Are only charged interest __ the funds you use.
  • Can choose between a or fixed interest rate.
  • Can access Home Equity __ to 85% Loan to (LTV).
  • Will have a defined _ period but can apply renewal upon expiration.

What is a Home _ Loan?

Your home’s equity used __ security for home equity . With a Home Equity _ from Great Western Bank :

  • Will receive the entire _ amount in your account __ loan close.
  • Will pay a fixed rate with a consistent __ payment.
  • Can access Home Equity __ to 90% Loan to (LTV).
  • Are an ideal option debt consolidation needs or time purchases.
  • Be given a repayment _ of up to 20 for the loan to __ paid in full.

As you weigh the _ between the two products, may want to also the following.

A home equity loan __ interest at a fixed _ and most home equity of credit charge interest __ a variable rate. Fixed rates provide predictable payments allows for a stable _ schedule over the life __ the loan. Variable interest are based on a index and will fluctuate on factors affecting the _._. economy. Variable interest rates HELOCs will follow this and may change as _ line matures.

Another difference between a and a Home Equity _ is how the money __ received. A HELOC is up as a separate __ in which you can funds as needed. While _ Home Equity Loan is _ as a lump sum, __, the entire loan amount __ deposited into your preferred __.

Find the best personal _ product for you

When choosing between a or a Home Equity _, you may find that _ are better suited for not set in stone _ when funds are needed making several purchases during _ project. While Home Equity are great for when have a definite amount __ pay such as a -_ large purchase.

Speak with a banker _ you today to find the that best fits your .

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