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Home Equity Credit Lines & Home Equity Loans

Home-Equity-Loans.org

You may be asking yourself what the difference is between these two forms of lending and which best suits your needs.  Whereas home equity credit lines allow you to draw from a pre-qualified amount whenever you like, a home equity loan - also known as a traditional second mortgage loan - allows you to draw a predetermined amount to be entirely paid back within a designated time period according to a payment schedule.  If you need an exact amount of money to be used for a detailed project such as having your kitchen refurbished, your ideal choice would be to apply for a home equity loan, rather than a credit line.   

If you still feel like you need more information regarding your decision, you should also examine and compare the costs and APR's associated with credit lines and home equity loans.  Keep in the mind that comparing the APR's alone will not suffice since they are calculated with unlike variables. 

  • For calculating the APR of home equity loans, variables like points, finance charges, and interest rates are considered.

  • For calculating the APR of home equity credit lines, only the periodic interest rate is considered.

 

The above information was obtained from various sources published by the Federal Reserve Board and Office of Thrift Supervision.

 

 

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