*Loan,banking and credit>>>credit line

Home equity loan or home equity line of credit?

Pro's and con's of both.

Just curious what people "in the know" have to say.

A loan is structured with the intention of you paying it off, with interest, over a fixed time period.

A "HELOC", or home equity line of credit is structured much more like a credit card, where the lenders goal is to keep you paying interest for the rest of your life.

Neither are a very good idea, but the HELOC is worse than than the loan.

First answer is generally correct - with the following exception. Home equity loans generally require a base amount of 40k . . . that is it is nearly impossible to borrow less than 40K. Line of credits can be for smaller amounts . . . and generally have less closing costs associated with them. It really depends on how much money you need . . .
Hi,

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...you've got to have some (equity) to get some (loan)... The home equity loan process usually will require you to borrow over 35,000 maybe even more... "they" want to get their financial "finger" in your wallet... Generally, it's Ok... but read ALL the "fine-print" and it's always a good idea to have a financial Attorney read over their documents... If you own the house outright... don't go the H.E. way... get a loan from the bank and use the Home as its collateral... you'll get a better rate... (you'da'boss then)... (I like the "ski-mask" the .357 and the stolen get-a-way car myself).... it's a joke, just a joke.