HELOC vs Refinance

[Terry Royce]

My fiance and I are looking to pull some money out of a house we just finished rehabbing to pay off some of the construction debt on 9mo no interest credit cards.

Its our primary residence. We have about 20-25k in debt we need to pay off before the no penalty periods come due in the fall.

How should we decide to refi vs. heloc. Ive been reading alot but there seems to be no clear cut answers.
Rough numbers
Purchased Sept 08 121k
Rehab cost 65k
Estimated Appraisal 245-265k
estimated stay time 5-7yrs min.

We also plan to use some of the money to sink back into a rental property and maybe do some odds and ends projects.

The refi costs will be about 1.75pts plus closing.

Advice? Input?
Much appreciated!