Home Equity Loan Versus Line of Credit: Pros and Cons

Study: I’m looking for mortgage experts who can weigh in on home equity loans versus HELOCs. Specifically: 1. What are the main differences? 2. How do they differ in regards to the application process, fees, etc.? 3. Are there specific use cases where one would be a better choice than the other? 4. What should consumers consider as they’re deciding between the two?