HELOC or Refinance on an existing Property

[James Edwards]

Is there a reason to use one over the other? A regular broker I use, does not offer HELOC's only re-fis.

There is an income producing property that is for sale locally. A re-fi on an existing house would provide the money to purchase it free and clear. 

The issue does arise that a re-fi takes a while, and if I do a re-fi and this property sells then it is just wasted time/interest/money. However, if I put an offer and cash on the line and financing doesn't workout, that is wasted. 

I have also considered using a credit card to purchase the property and then paying it back with a re-fi. Concern here is obviously DTI being negatively impacted, and then being stuck with a huge credit card bill.

Any advice or thoughts?

Thanks,