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When you’re looking to borrow funds, a home equity loan or home equity line of credit (HELOC) both offer an affordable alternative to a personal loan. But which solution is right for you? Often, it depends on your borrowing needs and preferences.
You want to borrow a specific amount in one lump sum
You prefer the stability of an interest rate and payment amount that’s fixed for the life of the loan
You want to consolidate high interest credit card debt with a lower rate
You’d like to borrow only what you need at the time
You prefer flexible repayment options and don’t require a fixed monthly payment amount or rate
You’d like the ability to have funds available to you again, once you pay off your purchases