What is the difference between a home equity loan or a home equity line of credit?

I am trying to decide which one is what we need.

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Answered by Marilee Roose, Insurance Agent in Magna, UT
Home Equity Loans are fixed amount loans with your house as collateral. They are one time loans with a set pay-off. Home Equity Lines of Credit work very similar to a credit card but your house is the collateral. They can be used over and over. They are open ended and can be paid back and used again. Just be responsible with it because they can take your house if you don't pay it back. | 01.21.16 @ 23:28
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