A HELOC is a revolving line of credit with a variable interest rate. Your interest rate is based on Prime rate and your credit score with payments based upon loan balance, interest rate and a 15 year term. It also features a 10 year draw period. The Home Equity Loan is a fixed-rate loan that has only one draw at the time of settlement. Terms range from 5, 7, 10,15 and 20 years and rate are determined by term and credit score. With multiple applicants, we use the higher of the scores so you’ll receive the best rate available.