which is better, a cash-out refi instead of taking out a HELOC?

The answer depends on the variables. Specifically, the amount of cash you need, terms of your current first mortgage, terms of the heloc and length of time you plan on being in the home. No one can tell you the best option without this information. However many will tell you to refinance regardless. I'd be happy to help you get to a well informed decision. You can call me at(502) 753-1340

That isn't an easy answer. It all depends on your individual circumstances, how fast or slow you can pay off the HELOC, what does your existing loan look like, and your long-term and short-term payment and equity objectives. I suggest talking to a local mortgage broker in your area to go over all that and more to come to the answer that works best for you. For this situation in MN, WI, or SD... contact me at www.Minneapolis-Mortgage.com

More info needed,, but in general, both have benefits.. If you do a cash out refinance, then all your interest is usually still deductible.. but on a HELOC, not all instances is the interest deductible.. With a HELOC, you usually have a 10 year draw period, after that, it turns into a 20 year mortgage and you cannot pull out any more cash.. But during the 10 year draw, you have unlimited access to your home's equity without having to re apply each time you need to use the funds.. and with a HELOC, the closing costs are typically less. the down side is that HELOC's are always an adjustable rate. For a cash out refinance, there is no draw period, it's just a regular 15/20/30 year loan,, you receive all your funds upfront and if you chose the fixed rate option, you know what your payments will be all the time.. Which is better?? That's your call. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893