HELOC vs. Cash out Refi

[Alishea B.]

Finally I am ready to get my loan to build my empire. Yayyyy. After a lot of research I decided to keep my property in my name and I found the best banks with the best APR and best rates for me in this area. Here's what I'm looking at.

I own a SFH property here free and clear appraised at 73 grand. Credit score is over 620(Thank God)

Option 1 Heloc fixed rate 10 years 7.75. APR. 90 to 100 prevent of LTV. No closing cost. 2 weeks. My monthly payments would be 876.75. Insurance is 90.00. Taxes are 1000 a year. I pay that separate. I have the option to refi in a few years. This is a 2 week process.

Option 2 Cash out Refi. 30 year fixed 3.875 APR 90 to 100 percent loan to value. Monthly payment would be 343.00 a month plus taxes and insurance. It would be under 600.00 a month. This process is 30 days. No closing cost but 35.00 credit check.

Option 3 HELOC 85% LTV which gives me 62,000. Prime + 125. At rates right now my payment would be 369.00 a month. Insurance and Taxes are not included. This is not fixed and could change anytime with payments. I was told I could call an advisor to tell me estimates of how and when the variable rates may change. This is 20 years.

Option 4 Conventional 20 year fixed. 445.00 a month. 62,000 as well. 20 years. 3000 closing costs. I don't know what APR rate is. Its not in my notes.

So I want to know what do you think and What would you do? Thank you for your responses. I appreciate it.