Home Remodeling Plans - Loan or line of credit, which is right for you?

As a homeowner, you're in an ideal position to use the growing equity in your home to finance home improvement projects. Whether you choose a home equity loan or line may depend on one of these factors:

* If you need money for a large home improvement or renovation project, a home equity loan allows you to pay off a larger loan over a longer term. Your loan is secured by a mortgage or deed of trust in second position on the title of your home. This type of loan is paid to you as one lump sum.