Both use the equity you’ve built in your property as collateral to provide cash when needed. They both have fixed interest rates lower than personal loans or credit cards and are available with terms of up to 30 years. Choosing the best home loan for your situation isn’t just about affordability; it’s also about aligning with your long-term goals and financial health. There are two types of home loans, a home equity loan and a home equity line of credit (HELOC).