Mortgage vs Home Equity Loan

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Mortgage vs home equity loan: Differences and similarities

Rounding it up

  • If you own a home, or soon will, it’s important you know about the differences between mortgages and home equity loans.

  • Mortgages help you pay for a home, spreading principal and interest payments over several decades to defray the cost.

  • Home equity loans use the value of your home as collateral and offer you cash.

  • Both products can help your credit score if repaid on time.

5 min read

Dan Bucherer
#mortgage#home equity loan#loan#home ownership

Dan Bucherer

Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.

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