Should I get a HELOC or a regular Home Equity Loan? What are the pro's and Con's from each type of loan?

Question

Should I get a HELOC or a regular Home Equity Loan? What are the pro's and Con's from each type of loan?

Answer 1

With a HELOC you will only be paying interest on what you draw out.  However, it will more than likely be an adjustable rate.  I would think it depends on how much you need & how quickly you think you can pay it back.  Have the bank do some comparisons for you then you can make a sensible decision.

Answer 2

May be this site can help you

http://www.thetechnology.net

Answer 3

As a hobbist in this area,I would suggest you take a look here,there are helpful tips there.http://home-mortgage.online-tips4u.info/...

Answer 4

They are identical.  You are borrowing money.  If you don't pay when you borrow on a credit card, they go after you for the money.  If you don't pay on the home loan, they take your house.  They don't even need to go to court.  They send you a letter and 90 days later they own your house./