Finance
A North Dakota home equity loan differs from a HELOC in that a home equity loan:
AIs not secured by the property
BProvides a lump sum at a fixed rate rather than a revolving line of credit✓ Correct
CCan only be used to purchase a second property
DHas no interest charges
Explanation
A home equity loan provides a one-time lump sum at a fixed interest rate, repaid over a set term. A HELOC is a revolving line of credit with a variable rate from which the borrower can draw as needed.
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