In this video, I compare home equity loans (fixed rate, predictable payments) with home equity lines of credit (variable rate, flexible access) as options for financing home renovations. I recommend HELOCs for those planning to repay quickly while maintaining credit access, and HELOANs for those preferring stable, long-term payments. I advise keeping existing low-interest mortgages while using equity financing for renovations, though cash-out refinancing might be worth exploring for those with higher current mortgage rates.
