There are a few differences between a mortgage and a Home Equity Line of Credit (HELOC).
Allegiance Credit Union offers closed end mortgage loans. This means your payment is figured on a term and at the end of that term your loan will be paid in full. With a mortgage loan you can borrow a fixed amount and repay that amount plus interest.A HELOC is a home equity line of credit. You get approved for an amount, but do not have to use your limit or repay on that limit unless you borrow it. The payment is also figured based on 1% of an outstanding balance. A HELOC could have a remaining balance at maturity and have a large amount that would need to be paid in full at that time.