HELOCs & HELOANs

Home Equity Lines of Credit (HELOCs) and Home Equity Loans (HELOANs) are both ways to borrow against the equity in your home.  HELOCs are revolving credit lines with flexible borrowing and repayment options, while HELOANs provide a lump sum that is repaid in fixed monthly installments.