When should I get a fixed rate home equity loan or HELOC?

Homeowners typically take out fixed rate home equity loans, or HELOCs in one of several cases:

1. A homeowner could take out a fixed rate home equity loan or HELOC to consolidate debt, usually higher rate debt, such credit cards with high interest rates.
2. A homeowner could also take out a fixed rate home equity loan or HELOC to use as a down payment on either a second home or an investment property.
3. A third reason that a homeowner would take out a fixed rate home equity loan or HELOC would be to use a second mortgage, along with a first on a home purchase or refinance.
   Make sure a home equity loan is the right option for you. The University of Illinois has listed out the advantages and disadvantages of home equity loans. Compare them here.