Unlike a Home Equity Line of Credit (HELOC), a Home Equity Loan (HELOAN) is not variable. The rate on a home equity loan is fixed for the life of the loan. As is the case with a HELOC, a Home Equity Loan is also a "second mortgage." The entire lump sum of the Home Equity Loan is to be taken at closing, unlike a HELOC, in which the loan proceeds are revolving. The Home Equity Loan also draws on the available equity in your home. It must be repaid within a specified period, and the interest may be tax deductible.

For this and other options for using the equity in your home, call a Total Mortgage expert now at 877-868-2503.