What is the difference between home equity loan and an equity line of credit?

– Rufus R. DEAR RUFUS: A home equity loan is really a second mortgage. It is for a specific amount, which you receive with a specific monthly repayment schedule, such as five or 10 years.

The interest rate is either fixed or adjustable. But a home equity credit line is more flexible. You can borrow up to the loan limit, usually by writing checks provided by the lender.

Then you can make monthly payments of interest only or more, pay off the balance entirely, or pay whatever amount you wish. When you repay the credit line, you can then re-borrow up to the maximum limit. The interest rate on home equity credit lines is usually the prime rate, or lower.

For example, yesterday I received in the mail an offer from American Express for a home equity credit line at one-quarter percent below the prime rate, up to $250,000. That's better than my ... more.

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