Tapping Your Home's Equity: Line or Loan?


You may not realize that if you want to tap the equity in your home you have two types of loans to choose from: an equity line of credit or equity loan. The most popular is the home equity line of credit. It's commonly a variable-rate interest line of credit on which you pay just the interest over a term of 10 or 15 years. At the end of the term you have what is