A cash-out refi vs. a home equity loan: Understand the advantages and disadvantages of each to figure which works best for you.
A home equity loan or cash-out refi comes with a fixed interest rate and monthly payment. A HELOC has a variable rate, but more flexibility as a credit line.
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Here are factors to help you decide between a home equity loan, HELOC or cash-out refinance if you're looking to use your home equity.
: Loan terms, HELOC: HELOC has a draw period and a repayment period. During the draw period, you can take withdrawals from the line of credit and pay them back over time as long as you don’t exceed your credit limit. ; : Interest rates, HELOC: HELOC interest rates are typically variable, which means that they can go up or down over time along with market rates. ; : Funds availability, HELOC: A HELOC gives you a line of credit that you can draw upon and pay off repeatedly throughout your draw period.
Home Loan and Mortgage interest rates change over time, but you can access current rates anytime online through UW Credit Union. Check mortgage rates here.