Home Equity Line of Credit

Both a Home Equity Line of Credit and a Home Equity Loan are secured by the equity in your home.
A HELOC works like any other revolving line of credit, and is very similar to a credit card-but a lot less expensive and may be tax deductible.
It's flexible which allows a homeowner to write checks against the equity in your home on an ongoing basis. And unlike a Home Equity Loan, with a line of credit you pay interest only when you use your funds.
There are no fees or charges for unused lines, use all or any part of your line.

HELOC's are good for knowing you have easy access to cash when you need it. Use HELOC's to purchase ongoing renovations to your home, pay for education costs, pay for automobiles, or simply a source of rainy day cash.
With a HELOC you have the choice of making interest only monthly payments, reductions to the principal balance are optional during the draw period.

Home Equity Loan

This loan is also secured by your home's equity and may also be tax deductible.
A Home Equity Loan allows you to fix your monthly payment.
The interest rate on a home equity loan typically starts higher than a HELOC but remains fixed for the entire life of the loan. Loans are good for large single purchases, such as purchasing an automobile, boat, or making a substantial renovation to your home.

Home Equity Loans require you to make fixed monthly payments which will include both interest and principal.
Loan terms are offered between 5 and 20 years.