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Compare home equity tax savings with this calculator

You may obtain extra funds when you need them with a home equity loan or a home equity line of credit, but what sets them apart?

Home equity loan

  • A home equity loan is a single lump sum loan with predictable payments
  • Typically has a fixed interest rate
  • Borrow once, and make set monthly payments
  • Great for helping with single large expenses

Line of credit

  • A home equity line of credit (HELOC) is a pool of money available for flexible spending
  • Typically has a variable interest rate
  • Can pay off and borrow from as needed, similar to a credit card
  • Great for multiple small expenses over a period of time

Select a product to start a quote.


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