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A HELOC is a revolving line of credit that you can draw from as needed, whereas a home equity loan provides a lump sum. Interest on a HELOC is only owed on the amount you actively use.

Rates are typically tied to a benchmark index, like the Prime Rate, plus a fixed margin. This means your payments can adjust based on market conditions over the life of the line.

Eligibility depends on lender requirements, home equity, credit, income, and property details.

Review your offered interest rate, possible closing or origination fees, and repayment terms before proceeding.