Closing costs on HELOCs tend to be lower than on standard home equity loans, even nonexistent. (mortgageloan.com)
Also commonly known as a second mortgage, standard home equity loans essentially allow you to access your available equity while you continue to pay a monthly mortgage payment over a predetermined length of time. (americanadvisorsgroup.com)
The interest rates are adjustable, meaning you don't get the predictability offered by a fixed - rate standard home equity loan, though you can often convert a HELOC to a fixed rate once the draw period ends. (foxbusiness.com)