HELOC vs Home Equity Loan

[Parker Maher]

Hi community,

I am looking to get a HELOC or home equity loan. I most often hear about HELOC's so I think that's the best option since it's revolving, however, potentially more risky without the fixed rate.

When it comes to investing it's silly not to utilize a HELOC compared to a home equity loan, right? If I'm going to use my HELOC over and over then I should pay for the appraisal and let it begin. Do you have to pay for a new appraisal every time you get a home equity loan?

Am I missing anything or not thinking of anything when choosing which option to use? My house will appraise well over what I purchased it for due to the current market, which should increase my line of credit, right?

Does my credit line increase in my HELOC as I pay the house down?

Should I use the bank my mortgage is through or is it smart to shop around to get a HELOC? Or do I HAVE to use the bank my mortgage is through?

What's a typical cost for an appraisal?

I'm in Kansas City, FYI, and I bank through Arvest Bank.

Thank you for your insight and time!