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Home equity loans are secondary loans made to the principle mortgage on a house. Understand how home equit… More
Equity is basically the amount of a home that is not leveraged by a mortgage. Learn about the differences … More
Using home equity, which is calculated by the value minus the mortgage balance, can be done by applying fo… More
Home equity security is essentially based on the principle that more equity means more security. Find out … More
Interest rates for home equity lines are varied based on the value of the overall home and how much is bei… More
Pitfalls of home equity loans include working with a disreputable banker, paying exorbitant fees and payin… More
Home equity loans are any money real estate has accrued over the time you have owned the property. So how… More
A home equity loan is generally a fixed rate loan, while the HELOC, or Home Equity Line of Credit, is like… More
Home equity loans allow you to borrow money by using your house or property as collateral. Because of the … More
Shopping for home equity loans is an important process for a homeowner. Differences in interest rates and … More
Fixed home equity loans are loans with a fixed rate of interest, as opposed to variable interest rate loan… More
Knowing how to build equity in your home can save money over the long run, as you'll pay less interest on … More
Home equity loans and mortgage payments are all considered tax deductible, which is why many home owners f… More
The most notable hidden cost associated with home equity loans is the origination fee, which is a point th… More
Summary: A home equity loan is generally a fixed rate loan, while the HELOC, or Home Equity Line of Credit, is like having a credit card on a home. Find out how the HELOC can be used for debt consolidation with help from a financial adviser in this free video on home equity and personal finance.
Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. He has worked in financial services, senior management positions in mortgage banking...read more
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"Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today is what is the difference between a home equity loan and a HELOC? Well they're two very different products. Generally they're second mortgage products behind your first mortgage. The first option is the home equity loan, is generally a fixed rate loan. It may be anywhere from ten thousand dollars on up and the bank will generally set up a term of repayment from five to fifteen years and it's on a set advertised schedule to pay in full, so your payments don't fluctuate throughout the life of the mortgage. The second program the HELOC - that is short for Home Equity Line of Credit. Basically the way that HELOC works is that it's like having a credit card on your home, they may give you a credit line that's available for fifty thousand dollars, if you don't use it, then obviously you don't owe the money to them, it's there for emergencies, debt consolidation, but it is an open ended loan, which means that it is tied to whatever the current month prime rate is, so it is adjustable. Generally you have a ten year repayment or draw period where you can actually access the line, but after ten years they normally freeze the line and they put you on a set term of repayment. Again, my name is Matt McKillen, I'm with Innovative Financial Group."
eHow Article: Difference Between a Home Equity Loan & a HELOC
How to Figure Home Equity
What Is Equity Valuation?
What Is the Definition of Equities?
How Do Home Equity Lines of Credit Work?
About Home Equity Line of Credit Loans
How to Understand the Difference Between a Home Equity Loan and a Home Equity Line of Credit (HELOC)
Problems with Home Equity Lines of Credit
Regulations on Home Equity Lines of Credit
How to Choose Between a Home Equity Line of Credit (HELOC) and a Home Equity Loan (HEL)
How to Use a Home Equity Loan to Pay Off Debt
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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