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Posted by NVLSlady/VA on 11/7/19 11:13am

FI (financial institution) lingo for equity loans (attaching a lien to property) tends to generate confusion if one isn't familiar with installment vs. LOCs.

Although at times used interchangeably here, HELOCS (Home Equity LINES OF CREDIT) are One type of Equity Loan.
It's an open-end credit source similar to a credit card AND subject to a variable rate; LOC can remain open for up to 10 years or longer. Checks are the standard method to access.

Another Home Equity Loan isn't a LINE/LOC at all, disburses a "lump sum," has a fixed rate & term, and is paid in regular installments immediately. Most often coined FEL (Fixed Equity Loan).
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