Calculate Secret Savings With Home Equity Loan Magic

Exploring the Types of Home Equity Loans

There are two main types of home equity loans: fixed-rate loans and home equity lines of credit (HELOCs). A fixed-rate loan provides a one-time lump sum with a set interest rate and repayment schedule, making it ideal for large, one-time expenses. In contrast, a HELOC works like a credit card, offering you the flexibility to borrow as needed up to a certain limit, which is perfect for ongoing expenses like home renovations³.