Fixed Line of Credit

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What’s the difference between a Fixed Line of Credit and a traditional HELOC (Home Equity Line of Credit)?

Both are secured by the equity of your home. Both are considered a second or even a third lien against your home.

Fixed Line of Credit vs. Home Equity Line of Credit

Fixed line of credit

Offers a Fixed Rate in which you pay both principal and interest for a set amount of time until you pay off the loan (loans can range from 5-year terms up to 20-year terms). Think of a fixed-line of credit like a car loan. You have a simple interest loan, you know what your rate is and what your monthly payment is, you can pay it down as quickly as you want to avoid future interest and you can rest knowing that your interest rate won’t change. Most importantly your monthly payment won’t change. The downside, you can’t borrower against that loan like you can on a home equity line of credit.

A HELOC (home equity line of credit)

Has a Variable Rate and is an interest-only loan that allows you to draw on the line of credit for 10 years. Think of a HELOC as a credit card that you can use anytime you want, pay the money back and use it all over again. The home equity line of credit is by far the most popular option because it gives you more control and flexibility over it.

Still unsure of what option is best for you?
Give us a call, we’d be happy to share some knowledge and insight that will hopefully facilitate your decision

Contact us







Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Want more information on fixed line of credit loans?

Contact us
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