HELOC vs Home Equity Loan

[Arthur Voskanyan]

If HELOC’s have a interest rate that adjusts/fluctuates/variable based on market conditions, why would anyone take out a HELOC compared to a regular home equity loan? A home equity loan has a fixed rate, so you don’t have to worry about it going up on you in the middle of your term with a big balance? Also, how is the home equity loan disbursed to a borrower? Like is it just deposited into a separate account you can draw from and place to checkings, or is it like an issued credit card? Thank you in advance. Arthur Voskanyan