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Home equity loan vs. home equity line of credit: What's the difference?

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Home equity lines of credit often have more flexible repayment terms than a standard home equity loan. Home equity loan payments are typically fixed over the repayment period, while a home equity line of credit can offer interest-only payment terms or outstanding balances can be repaid using a variety of repayment strategies.

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Use this calculator to compare the differences between a home equity loan and a line of credit.

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