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Home Equity Loan or HELOC? Which one gives better interest rate

Date: Wed, 11/18/2020 19:29
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Home Equity Loan or HELOC? Which one gives better interest rate . Can you suggest




The Home Equity Loan has a higher interest rate than HELOC.

Sub: #1 posted on Fri, 11/20/2020 - 02:53

Ryan Miller Ryan Miller

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Apart from the interest rate, also consider other options like the purpose of taking out a loan. You need to consider all options to decide which option is best.

Sub: #2 posted on Fri, 11/20/2020 - 04:58

Good Nelly Good Nelly
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The current interest rate of HELOC is 4.53%.
The current interest of Home equity loan is 5.14%.

So, you can make out the difference on your own.

Sub: #3 posted on Wed, 11/25/2020 - 02:39

David Martin David Martin

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What is your purpose of taking out a loan? A HELOC acts like a revolving form of credit like the way you use your credit cards. You can withdraw money up to a certain limit. Whereas, home equity loans are typically fixed-rate loans that provide cash in a lump sum for a set repayment period ranging from about 5 to 15 years.

Sub: #4 posted on Mon, 11/30/2020 - 21:51

Craigh.terry Craigh.terry

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