Home Equity Vs. Home Equity Line Of Credit

[Jeremy Sanders]

Which is better, Getting A Home Equity Loan or a Home Equity Line Of Credit?  

[Brandon Borah]

@Jeremy Sanders I agree with @Al Wilson with the HELOC you can pull money out of the line of credit to make a purchase and can begin paying down the debt by putting money back into the line of credit. The flexibility that Al is referring to (I believe) is that although you are paying back the loan you can still draw from this account at any time for a purchase in the future. With the Home Equity loan, once you use that loan to make a purchase, you are stuck paying back that loan in its entirety with no additional access to funds.

I personally have a HELOC open right now and the flexibility is great plus its interest only and the mortgage interest is tax deductible.

I hope this helps, but feel free to ask any additional questions!