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It’s a bit like a second mortgage: you’ll start repaying it immediately through fixed monthly payments. HELoans are secured by your house. This allows you to access larger sums of money at lower rates.
Lenders will determine how much you may borrow by considering the amount of equity in your home, your credit score, and your debt to income ratio. A HELoan is disbursed in one lump sum, and you’ll make fixed monthly payments for the duration of your loan.
A HELOC is a revolving line of credit that lets you draw against your credit limit as you need to access funds*. Like a credit card, you can borrow and repay up to the credit limit during the draw period. On the other hand, a HELoan is paid out in a one-time disbursement, and you’ll start repaying on the full balance immediately through fixed monthly payments. Ultimately, a HELOC is more flexible while a HELoan is more structured.
For more information on the differences between a HELOC and a HELoan and how you might choose if one of them is the best option for you, visit Prosper’s popular blog article that breaks it all down: HELOC vs HELoan: What’s the difference?
In some cases, home equity loan interest may be deductible, but it’s critical to note that this is a complex issue, so you should talk to a tax professional and check with IRS guidelines before making a decision.
The fact that it’s secured by your home allows you to access a larger total amount at a lower interest rate—and unlike a HELOC, which typically carries a variable interest rate, a HELoan usually comes with a fixed interest rate. This means zero surprises when it comes to your monthly payments, and no temptation to spend beyond your budget.
In general, the longer the term, the lower the monthly payment. On the other hand, shorter terms typically come with lower annual percentage rates (APRs).
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