HELOC vs. Home Equity Loan: Key Differences Explained 🏡 | Finance Dissected

In this Finance Dissected video, we explore the key differences between a Home Equity Line of Credit (HELOC) and a Home Equity Loan. Both options leverage the equity in your home, but they offer distinct features. HELOC: • A revolving line of credit, similar to a credit card, with a draw period of 5 to 10 years. • Borrow up to your approved limit and pay interest only on the amount borrowed during the draw period. • Flexibility in borrowing and repayment, but you enter a repayment period after the draw period ends.

Read Our Blog: ⁠https://blog.getwaya.com Home Equity Loan: • Provides a lump sum upfront, also known as a second mortgage. • Repay the entire loan amount over a fixed term, typically ranging from 5 to 30 years. • Offers predictability with fixed interest rates and consistent monthly payments. HELOC has variable interest rates, whereas Home Equity Loans have fixed rates. Ultimately, the choice between the two depends on your financial goals and preferences. Like the video and subscribe to Finance Dissected for more insightful content. Stay financially savvy! Video Title: HELOC vs. Home Equity Loan: Key Differences Explained | Finance Dissected It also covers the following topics: Leveraging your Home Equity Revolving Line of Credit Variable vs. Fixed Interest Rates

Watch on YouTube: https://www.youtube.com/watch?v=MIdOh_T6E7E

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