What Is Home Equity Loan?
A home equity loan is a lump-sum loan secured by a home's equity, repaid in fixed monthly installments at a fixed interest rate — distinct from a HELOC's revolving, variable-rate credit line.
A home equity loan is a lump-sum loan secured by a home's equity, repaid in fixed monthly installments at a fixed interest rate — distinct from a HELOC's revolving, variable-rate credit line.