Home Equity Line of Credit (HELOC) is a flexible, pre-determined line of credit. Once your HELOC is established, you can borrow any amount up to your credit limit whenever you want. To access the money, you simply write a check from your HELOC account. Repayment is flexible; you can pay the monthly interest only or include additional principal payments in an amount that you determine. Best of all, the interest on your loan may be tax-deductible which can mean big savings. Consult your tax advisor to see if this may apply to you.

A Home Equity Loan is a fixed loan amount with specific payments for a set length of time. The payment amount is determined by the amount and length of the loan. A Home Equity Loan is typically used for purchases which require a lump sum of money up front and where you want a fixed interest rate and fixed monthly payment.

Common use of Home Equity Loans are for:

	Debt consolidation,
	Vehicle or RV purchases,
	Vacations,
	Home improvements,
	Basically anything you may want.

Again, the interest on this loan may be tax deductible. Consult your tax advisor to see if this applies to you.