Budget Credit Cards Home Repair Renovation 
Savings Corner
APRIL 4, 2024
The amount you can borrow with a home equity loan is based on the current market value of your home, the size of your mortgage and personal financials like your credit score and income. Home equity loans drawbacks include putting your home at risk of foreclosure and their lengthy application process.
Savings Corner
APRIL 4, 2024
Home equity loans come with fixed interest rates and set monthly payments for the life of the loan. HELOCs (home equity lines of credit) come with variable interest rates and fluctuating monthly payments (like credit cards). A home equity line of credit (HELOC) is also secured. HELOC: What is it?
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