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HELOC vs. Home Equity Loans: How to Make the Best Choice for Your Future Plans

Oct 7, 2021

To understand a HELOC vs. home equity loan, think of a credit card vs. a loan.

Do you have big life events coming up? Do you need money for unexpected expenses? Are you hoping to transform your home into a beautiful haven? If so, you may be considering obtaining a loan and wondering about HELOC vs. home equity loans.

Both offer numerous benefits, but the right choice for you may come down to your personality and lifestyle.

Why Choose a HELOC

A home equity line of credit may be more ideal in the following situations:

  • You don’t know how much money you need to borrow.
  • You plan to use credit over time rather than in one lump sum.
  • You are flexible regarding your monthly repayment amount.
  • You want the benefit of only paying interest on the amount that you use.

Why Choose a Home Equity Loan

A home equity loan may be more ideal in these scenarios:

  • You need a lump sum of money right away.
  • You want to be able to predict how much you will pay every month. Some home equity loans have flexible terms, but others are fixed rates. With a fixed rate, your monthly payment amount will not change.
  • You would prefer to obtain a loan and pay it off rather than having a revolving line of credit.

Loans through Georgia Heritage Federal Credit Union

When considering a HELOC vs. a home equity loan, both may be excellent options. The deciding factors are how and why you want to use the money, your money management preferences, and your personality.

If you’re a person who plans for the future carefully and enjoys a structured lifestyle, a home equity loan may be better. If you are someone who prefers flexibility while having an additional resource, a HELOC may work well for you.

Either way, keep your eye on the equity in your home to see what may be possible in your case.

For more information about the differences between these two options or to begin the home equity loan process, contact Georgia Heritage Federal Credit Union by sending us a message online, calling us at (912) 236-4400, or visiting

Become a Member of GHFCU

Anyone who lives, works, worships, or attends school in Chatham, Effingham, or Bryan counties in Georgia and their immediate family members may gain membership to the Credit Union.

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