If you have a specific expense you're funding and you know the exact amount you need – like a home improvement or debt consolidation – a home equity loan may be a smart choice for you. What you give up in the flexibility of a line of credit, you gain in having a fixed rate for the life of the loan.
With a Home Equity Loan, you:
- Borrow the exact amount you need
- Get all your money upfront in one lump sum