Performance Property Real Estate Question

The Difference Between HELOCS & Home Equity Loans

Q: Now that our home has appreciated some, my wife and I are considering tapping our increased equity to pay down some credit card debt. Should we get a home equity loan or HELOC? Are they the same thing? Casey, Roswell, GA A: Good question. Home equity loans and HELOCs are similar but they are not the same. Both home equity loans and HELOCs are types of secondary mortgages on a home, however, a home equity loan has a fixed interest rate, fixed loan amount and a fixed repayment schedule. On the other hand, a HELOC, which stands for a home equity line of credit operates like a credit card by offering a variable interest rate that allows you to […]

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Real Estate Insight

Will Your Home Equity Line of Credit Change?

840,000 home-equity lines of credit (HELOCs) are resetting this year with principal now being due monthly in addition to just interest.

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