What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A Home Equity Loan gives you the money up front with a fixed rate and a fixed term.  Monthly payments are principal and interest.

A Home Equity Line of Credit gives you easy access to your money when needed.  Lines of Credit have a variable rate and will adjust with the Prime Rate.  Monthly payments are interest only but you can paydown on the principal at any time. 

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