Home Equity Loans offer a lump sum with fixed rates, making budgeting straightforward. HELOCs provide flexible access to funds with variable rates, suited for ongoing needs. 

With Home Equity Loans, you receive a one-time payment, ideal for large expenses. HELOCs let you borrow as needed, great for projects with fluctuating costs. 

Home Equity Loans have predictable monthly payments and terms, while HELOCs offer flexibility but can vary in payments due to changing interest rates. 

Interest rates for Home Equity Loans are typically fixed, providing stability. HELOCs have variable rates that can increase or decrease based on market conditions. 

Home Equity Loans are often used for one-time large purchases, such as home renovations. HELOCs are best for ongoing expenses or emergency funds. 

Home Equity Loans require you to repay the full amount over a set period, while HELOCs allow for borrowing up to a limit, with repayments varying.

Consider your financial goals: choose Home Equity Loans for predictability and large sums, or HELOCs for flexibility and ongoing access to funds.