While selling our home with unpaid solar panels, the bank declined our home equity loan and proposed other financing options. How does this option compare to a HELOC?
hey, im not a bank expert but i found helocs more flexable than eq loans sometimes. check your bank for fees and rates bc solar debt can bump stuff up a bit
I have worked with HELOCs before and found that although they provide flexible access to cash, they require careful management because the balance can fluctuate and the interest rate may adjust over time. In comparison, a traditional home equity loan typically offers a fixed rate with a predictable repayment schedule. Considering your situation involving solar panel debt, HELOCs might provide a more adaptable way to cover costs during a transition, but be sure you fully understand the terms and potential additional fees.