June 11, 2018

HEL vs. HELOC: which is right for your borrowing needs?

Owning a home isn’t cheap. Making monthly mortgage payments is tough enough. Then, there are other costs that can add up quickly. These include maintenance and improvement expenses. Thankfully, you can pursue funding options to help pay for these bills. Two of the most popular are a home equity loan and a home equity line of credit (HELOC). But which is better: a home equity loan vs. a HELOC?

That depends on your needs and goals. Each option involves tapping into your home’s appraised value to borrow money. Each has its pros and cons. Digging into these differences can help you make a more informed decision.

Get the 411 on each option by reading my latest piece for The Mortgage Reports, accessible here.