When you know how much money you’ll need for, say, remodeling your kitchen, a home equity loan may be a better choice because you’ll get a fixed interest rate and will know exactly what your payment will be each month. A home equity line of credit may be a better choice if you think your needs might change over time, or you’re not sure how much money you’ll need. With a HELOC, you draw money on your line of credit as you need it, and your payment is based on the amount you borrow.
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