Is it better to get a home equity loan or line of credit? However, a home equity loan gives borrowers a fixed amount of money in one lump sum instead of a revolving line of credit. You pay back the loan over an agreed term. ... Interest rates for home equity loans tend to be higher than HELOCs because lenders give you the security of a fixed rate.
Who pays a mortgage broker?Unlike loan officers, mortgage brokers don't work for banks. They operate independently and must be licensed. They charge a fee for t... more