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Home Equity Debt
There are essentially two types of home equity debt: fixed home equity loans and home equity lines of credit. - A fixed home equity loan is a one-time lump sum that is repaid over a set amount of time, with a fixed interest rate and an identical payment each month.
- Home equity lines of credit typically are repaid in a shorter period than first mortgages. Money can be drawn and repaid at the borrowerÕs discretion. Generally, the interest rate is tied to an index and may therefore adjust over time.
Home equity debt may be useful for borrowing money to consolidate debts or to pay for college tuition, long-overdue home improvements or a much-needed vacation.
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