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HELOC vs. Home Equity Loan
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Saw this news story today about a family who got into trouble with their HELOC when rates jumped unexpectedly...got me thinking, is a home equity loan any safer or just as risky? Curious what you guys think.
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Honestly, aren't home equity loans usually fixed-rate? Seems like they'd be safer since you know exactly what you're paying each month. But then again, borrowing against your house always feels a bit dicey to me...maybe I'm just overly cautious, haha.
