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Are there different types of home equity loans?

April 26, 2017different home equity Loans types

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Are there different types of home equity loans?

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Closed-end home equity loans and open-end home equity loans are the two main types. Closed end loans disperse a single lump sum upon the closing of the loan and do not allow additional borrowing. Open-end loans, also known as home equity lines of credit (HELOCs), allow the borrower to choose when and how much to borrow, up to a set limit.