Home equity loan, HELOC or cash-out refi?

By Marcie Geffner - Bankrate.com

Homeowners who want to cash out their equity might be puzzled by the advantages and disadvantages of their three choices: a home equity line of credit, home equity loan or cash-out refinance.

Which makes the most sense?

The answer depends on:

How much equity you have.
How much you want to borrow.
When you plan to repay the money.
Whether you want a fixed or flexible term.
The interest rate on your current mortgage.

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