One of the advantages of a home equity loan is that you can borrow money any time, up to the approved amount.

Interest rates on home equity loans are typically lower than rates for unsecured personal loans or credit cards, because your home is used as collateral. You can use the money for virtually any purpose. You have the freedom to use your loan to buy an investment property, start a business or fund another goal.

Explanation:

Home equity loan has a lot of advantages, because the one lending you the money sees you as capable of paying back based on your property being used during the loan or they would take that property when you're unable to pay back. One of the advantages is that you can borrow money anytime up till an approved amount, their interest rates are low and you can use the money for virtually any purpose all because your property is the collateral