What is the difference between a mortgage and a home equity loan?

No, you can take out a first mortgage. HELOC?s are generally second liens on a home, but the loan structure may allow them to be first liens as well.

The major difference is how much you are committed to and the time frame in which they can be paid.

If you KNOW you need to take out $ 30-50K or more, then get a mortgage on your home, as these are definately the best rates. HELOC?s cost more b/c you are not required to take an immediate draw, and it?s actually a line of credit?much like a credit card.

You don?t want to take out a HELOC if you have another alternative.

PS: $ 30,000 is usually the minimum for a first mortgage?HELOCS are less?that may also make a difference to you.

Source: http://www.financelearning.org/credit/what-is-the-difference-between-a-mortgage-and-a-home-equity-loan/

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