If you plan on paying off the loan over many years, the peace of mind of locking in the rate and knowing your exact payment means that a fixed rate home equity loan is likely the right choice. If you’re not sure what the total cost will be, or are going to be completing your remodel in phases and want to draw on the money as and when you need it, a variable rate home equity loan or HELOC might be a better choice. That said, if you have only recently bought your house and do not have sufficient equity to pay for the renovation work you want to carry out, neither of these will be the best option. Check out RenoFi Loans to see how you could borrow against your home’s future equity (based on your home increasing in value after a remodel) today.