Home Equity Line of Credit
A home equity line of credit can be a way of getting a new kitchen, putting on a home addition or a new deck, or as a reserve for any number of major purchases. It is a revolving credit resource that is accessed by writing a check. The funds become available again as principal repayment is made.
Home Equity Loans
Another way of using the equity in your home is a closed-end home equity loan. You get all of the proceeds at the loan's outset, then pay it back in monthly installments until the loan is completely paid back. The interest rate and monthly payment amount will be fixed for the term of the loan, helping to make budgeting easier. You can use the money for home improvements, a vacation, a new vehicle, and for many other purposes.
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