Pros and cons, lets hear it folks!! Just got finished building and have quite a bit of equity. Looking to put in a pool. As for a cash out refi, I'm currently at a 3.625% rate and got quoted for a refi rate of 3.75% 30 year fixed.

I know a lot of this is just preference, but just wanting to know if anyone has any information to whether one is actually better than the other.

you need to price out a new stand alone HELOC costs and then compare one loan vs two. Including rate you need to compare closing costs between the two options as well. You are probably looking at a HELOC at 6% or so for a fixed term and many come with no closing costs.

***NOT AN ACCOUNTANT OR ATTORNEY***

Look at the tax treatment of interest.

1st Mortgage interest is usually deductible.

HELOC and Home Equity interest sometimes is in special cases.

Full disclosure, I am a butcher and I sell meat, not salad.

Digging up this old thread to ask, which of these options is likely to fund the fastest?

HELOC/HELO

Butcher says "Buy some salad!"

Just depends on who you use. I've had several same day approvals on refi's in the last month and I've had some helocs that I've referred out that took well over 30 days.