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If you want to make home repairs or improvements, you could use either an equity or home improvement loan. A home equity loan or line-of-credit may often make more sense, though. The differences are minimal, although one of them might be important to you for reasons of convenience and simplicity.
A home improvement loan will often require that you provide your lender
The interest rates should be equal or very similar with both mortgage types. Repayment terms should also be comparable. But, getting a home equity loan gives you all the cash you need in a lump sum and you can pay your contractor(s) as you wish. A home equity line-of-credit gives you even more flexibility, as you will only pay interest on your loan balance outstanding at month's end. Therefore, should your improvement project span more than just a few months, you would save some considerable interest expense as your balance will begin small and only increase toward your maximum over time.