What are the differences between a home equity loan and a HELOC?
A home equity line of credit is similar to a second mortgage, which enables you to access the loaned funds at any time you choose, instead of all at once. You should think about a HELOC if you need money for other items, such as college or credit card payments. You can borrow during the “draw period,” which is usually 5-15 years. The repayment period is about 10-20 years.