Home Equity Line of Credit ! Refinance with cash out, or home equity line of credit?

Home Equity Line of Credit ! Refinance with cash out, or home equity line of credit?

The Answer : Could depend on how long u plan on staying in hs or how much equity u have. Also if u want to go thu hoops again to refinance. may want to compare rates too. if u refinance u start the 30 yrs all over again. its ok if u don't plan on staying there forever. line of credit is good. if u repay the balance u haven't added anymore yrs to loan. only drawbk is u have to pay yrly membership fee whether use or not. that's ok cheap price to pay for be able to access your $. Also u can only get a line for the amt u qualify for usually. if u r close to the requirements for 1st loan then will not be able to get that big a line of credit. why do u need the $ to buy something or want some of equity? don't forget for every 12 dollars u pay u only get to save about 8.00 in the writeoff. best not to have a mortgage in my opionion. pay cash for everything. pay extra into the mortgage so will pay off sooner. feels great not paying mortgage every month.