HELOC vs. HEL: Your Thoughts on the Best Home Equity Option?

I’ve been diving into the differences between HELOCs (Home Equity Lines of Credit) and HELs (Home Equity Loans) and thought this might be a good discussion topic for the group. Both seem like great tools for leveraging home equity, but they clearly serve different purposes depending on your financial needs.

• HELOCs feel flexible with their credit line structure, but I wonder about fluctuating rates.
• HELs seem better for fixed expenses with their lump-sum payout, but is the rigidity a downside?

I’d love to hear from anyone who’s gone through the process or has advice to share:

• Which option did you choose, and why?
• Were there any surprises during the application or repayment process?

Looking forward to your home equity insights—I think this could be helpful for anyone considering home equity options heading into the new year!