What’s the difference between a HELOC and a Home Equity Loan?

Think of HELOC as your home’s flexible credit card. It provides a revolving line of credit that you can use as needed. In contrast, a Home Equity Loan gives you a lump sum upfront, similar to a traditional loan. Each option comes with its unique repayment terms, principal, and interest rates, giving you the flexibility to choose what aligns best with your needs.