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Home Equity Loans vs. Home Equity Lines of Credit: What's the Difference?

When you own a home, you’re building up equity. When you want to access that equity (to pay for a remodel, for example, or to pay off other loans), you have two different loan options: a Home Equity Loan or a Home Equity Line of Credit (HELOC). There are certain key differences that will determine which is right for you (and you can download a helpful infographic at the end of this article).

Home Equity Loan

A Home Equity Loan might be the best fit if you’re planning to use the money in a lump sum for a one-time expense such as consolidating debt or paying for a wedding.


  • A Fixed Interest Rate for 15 Years
  • Fully-Amortized Terms So You Can Budget for a Fixed Monthly Payment
  • No Points*

*A Point is a fee paid, usually with First Mortgages, to qualify for a lower interest rate. A 1 Point fee represents 1% of the loan balance.

Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit, which means the funds are waiting for you whenever you need them. This might be the best fit if you’re planning a long-term remodeling project in different stages. You only need to borrow the funds you need at a given time, which means you only pay interest on the existing balance owed.


  • A Variable Interest Rate Adjusting Quarterly
  • A Ten-Year “Draw” Period to Use the Funds as Needed (Followed by a 15-Year Repayment Period for Any Remaining Balance Due)
  • Low Payments – Interest-Only Option During the Draw Period

What’s Right for You?

Every situation is unique. Our experienced team of loan professionals will listen and help you determine the right path for your needs. Call us at (415) 674-4803 or email us to learn more.

Download An Infographic