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Comparison of Home Equity Loans & Home Equity Lines of Credit

Home Equity Loans Lines of Credit
Access Money Borrow money as you need it up to the credit limit. Each time you pay principal it frees up that amount of your credit line for later use. Borrow the entire loan amount at once.
Interest Rate Variable rate. Rate calculated on a margin and a prime rate. Fixed rate. Payment stays the same for the entire term of the loan.
Payment Varies monthly with rate and depends on how much you've borrowed against your credit line. During the five- or ten-year draw period, you have the flexibility to pay interest only. After the draw period, your principal and interest payment vary to pay off the loan in the remaining years. Principal and interest payment remains the same over the life of the loan.
Loan Advances Use your access checks to withdraw money up to your credit line amount. No check-writing option. Entire loan amount received at closing.
Tax Advantages
(Ask your tax advisor)		 Interest is up to 100% tax-deductible. Interest is up to 100% tax-deductible.
Other Advantages Good safety net for unexpected expenses. Excellent choice for one-time planned expenses or to consolidate debts.
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Home equity loans

Home equity loans are fixed rate loans that leverage the equity in your home. The interest rate is fixed, and so is the monthly payment — for the life of the loan.

At settlement, you receive the full amount of the loan in a lump sum, and you can use the funds any way you like: to make home improvements, pay for college or medical care, take a vacation, or to buy a second home.


Home equity line of credit (HELOC)

A home equity line of credit (HELOC), on the other hand, is a variable rate loan — a line of credit — based on the available equity in your home.

Access checks allow you to withdraw money as needed, up to the maximum credit limit. As you pay the HELOC off, the remaining line of credit is available to you to use any way you like — consolidate your credit card debt, pay off auto loans and personal loans, pay for educational expenses or home improvement — the choice is yours.


Shared benefits

Home equity loans and lines of credit are generally both considered to be tax-deductible. Please check with your tax advisor for details.