Home Equity Loan vs. HELOC for downpayment on next rental prop?

[Ana Marie B.]

Hi BP!  My husband and I live in the SF Bay Area where home prices have risen substantially in past years.  We want to leverage some of our home equity and use that equity as down payment for our 2nd rental prop.  We're thinking of drawing ballpark $50-70k.  

We contacted Wells Fargo Bank and a local credit union for ideas on interest rates. Seems like HELOC rates are much lower and so we're leaning toward that direction. Also both banks provide the opportunity to switch to fixed rates at a later time, granted we keep the HELOC open for at least 3 yrs.

Wondering if any BP members have done something similar? Pros/cons of HELOC vs. regular home equity loan for using as down payment on a rental prop. Thanks in advance!