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Reply to "Home Equity Loan or HELOC?"
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[quote=Anonymous]Get a HELOC. A HELOC gives you access to a certain line of credit that you can pull from (more like a credit card with a max). You have access to a pot funds if you need it, but you only spend what you need when you need it and are only paying interest on the smaller amount that you need in a pinch. You’re likely to be more judicious/careful in your withdrawals and only take what you need. The equity loan disburses a loan all at once (more like a mortgage) and you have a pot of cash in your checking account but you’re paying interest on all of it all at once even if you don’t need to spend it right then and there. The HELOC may have a higher variable interest rate, but the loan balance should be smaller for longer. After you land a new job, if your HeLOC interest rate is too high, you can always take out a fixed equity loan to replace the HELOC and lock in a lower interest rate.[/quote]
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