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What’s the difference between a home equity loan and a home equity line of credit?

April 26, 2017difference home equity line of credit loan

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What’s the difference between a home equity loan and a home equity line of credit?

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A home equity loan offers a one time payout. Each month you have a fixed payment for the loan much like an auto loan. With a home equity line of credit, you receive a revolving line of credit similar to a credit card. As you pay down your advances, you can borrow again and again as needed.