With a home equity loan, you get a lump sum of money dispersed at closing. With a Home Equity Line of Credit (HELOC) you open a revolving credit line, like a credit card secured by your residence’s equity. The loan size of either loan is determined by the equity in your home and how much of it you intend borrow against.  The advantage of a HELOC is that you get to borrow only the amount you require as you need it. This allows your payment to be based on only what you draw as opposed to the entire loan amount.

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