Evaluating the Strengths and Weaknesses of HELOC and Home Equity Loans: A Side-by-Side Analysis
A Home Equity Line of Credit (HELOC) lets homeowners borrow against the equity in their property, similar to taking out a second mortgage. Unlike a standard mortgage, though, a HELOC acts like a credit card, giving you access to a revolving line of credit based on your home’s value. If you’re debating between a HELOC…