please explain home equity loans and lines of credit

Our fixed upper still needs lots of work. I would love to tackle a project or two. If I needed about $15,000, how do these things work? What's better? Are there expensive closing costs? Thanks so much.

Re: please explain home equity loans and lines of credit

a home equity line is a revolving line of credit.. meaning like a credit card.. you can pay it off and still have that available later on (for the life of this line).. rates are usually variable (therefor higher) on these..

a home equity loan is a fixed amount with a fixed interest rate, that you take out and make payments on over the course of the loan (usually a 5-15 year term).. once it's paid off, that's it.. the loan is done and there are no more to tap into..