What is a Home Equity Loan or HELOAN for short?
When you qualify for a home equity loan, you’ll receive the loan in a lump sum upfront. Most HELOANS have a fixed interest rate, so your monthly payment (including principal and interest) will remain the same throughout the lifetime of the loan. HELOANs are a great way to access a one-time lump sum of money
A HELOAN may be a good fit for you if you have fixed costs and you prefer the stability of a long-term, fixed monthly payment. Since HELOANs provide a one-time lump sum of money, this type of loan may be better for a larger, one-time expense, like a vacation or an unexpected medical bill. With a Home Equity Loan, you’ll also have the benefit of a spending cap already in place, and you’ll know exactly how much you’ll have to repay.
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