What is the difference between a Home Equity Loan and Line of Credit (HELOC)?

If you own a home, you can borrow against the equity of the home with either a loan or a line of credit. The equity in your home is the difference between what your home could sell for and what you owe on the mortgage.

With a home equity loan, the lender advances you the total loan amount upfront, while a home equity line of credit provides a source of funds that you can draw on as needed. A few other differences are shown in the chart below.

To learn more about our Home Equity Loans, click here.