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- Money can be taken out over and over during the
"draw" period.
- Can pay interest only minimum payments during the
draw period.
- You can borrow up to 125% of the appraised value of
your home.
- No prepayment penalty on many types of lines of
credit.
- Variable interest rates only.
- Zero Lender Cost option
VS.
Home Equity Loan
- Interest rates can be fixed rates
- Loan time lengths can vary greatly
just like any other type of mortgage.
- You can borrow up to 125% of the
appraised value of your home.
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