Home Equity Loan Rates

What determines whether a mortgage or HELOC is better, assuming int. rates are similar?

No extra fees either. HELOC is adjustable-rate home equity loan is fixed, but draws the full amount at once and begin to pay interest on the loan guarantee mortgage (vs. loans steadily over time in small quantities in a HELOC). Do not worry about equity, etc.

It depends on what you want the money. We have a HELOC that I have never used, but keep open "just in case." If you do not need the money now, get a HELOC. If you already have plans for the money, get a HEL, but only for the amount you need. If you're using to pay the debt, make sure you do not turn around and go into debt again, because you now have the debt PLUS the HEL (or HELOC payment) and this time, you could lose your home!

Investment Finance Tips : How Do Home Equity Loans Work