Is a HELOC Right for You?

A Home Equity Loan is a type of loan in which the borrower uses the equity of their home as collateral. Equity is the difference between the current market value of the home and the outstanding mortgage balance. Here are some key points about Home Equity Loans:

There are two different types of Home Equity Loans. The first is an open-ended line of credit commonly referred to as a HELOC and the second is a fixed rate fixed term loan.