What is the difference between a HELOC and a home equity loan?

A HELOC is a revolving line you draw from as needed at a variable rate; a home equity loan is a lump sum at a fixed rate repaid on a set schedule. The HELOC offers flexibility, the equity loan offers payment certainty.

Choose a HELOC for ongoing or uncertain costs and an equity loan for a one-time known expense. We'll match the product to how you'll use the money.

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