Find Hidden Gems Comparing Top Home Equity Loans

Types of Home Equity Loans

There are generally two types of home equity loans: fixed-rate loans and home equity lines of credit (HELOCs). A fixed-rate home equity loan provides a one-time lump sum at a fixed interest rate, making it ideal for those who prefer predictable monthly payments. On the other hand, a HELOC offers a revolving line of credit with variable interest rates, giving you the flexibility to borrow as needed up to a certain limit, similar to a credit card.