Not sure which home equity borrowing option best fits your needs? Here are the benefits unique to HELOCs.
. You repay only the amount you borrowed, and you only need to pay interest during the draw period.
By contrast, a home equity loan gives you a lump sum upfront, you and must repay the entire amount starting immediately. If you take out more than you wind up needing, you'll pay unnecessary interest that can add hundreds of dollars to your total borrowing costs. HELOCs also offer payment flexibility. Some lenders allow you to make payments toward both the principal and interest during the draw period so you can pay your balance off faster and avoid additional interest. When you take a home equity loan, you must make fixed monthly payments over a preset term, regardless of your budget and preferences.A HELOC gives you access to cash as you need it, without waiting for loan approval or processing.
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