Equity Loan Comparison Chart
| |
Equity
Line |
Home
Equity Loan |
| Differences |
A revolving line of credit
that you can draw against as you need the
money. As you repay what you’ve used, you
have it available to use again. |
A loan for a specific amount
with a set rate and fixed monthly payments.
This may be your best option if you know exactly
how much money you need and want to have monthly
payments that are fixed for the term of the
loan, just like an installment loan. |
| Loan
Amount |
As little as $5,000 or as much
as 90% of the equity you have in your home. |
As little as $5,000 or as much
as 90% of the equity you have in your home. |
| Payment
Options |
Flexible monthly payments. |
Fixed monthly payments. |
| Interest
|
Tax Deductible in most cases
1 |
Tax Deductible in most cases
1 |
Interest Rate |
Variable |
Fixed |
All loans subject to approval and acceptable property
valuations, if applicable.
1
Consult your tax advisor regarding deductibility
of interest.
|
