Home Equity Loan vs. Heloc

[Leo C.]

Looking into two equity loans/line options with PenFed,

Home Equity Loan, 100k 1.99%, amortized over 5 years, payment is 1700+ a month.

HELOC credit line, 5/5, say 100k, (rates adjust every 5 years, meaning gets 3.75% for 5 years at least), no particular payment demands each month.

My investor mentality (acquisition mode) is telling me the HELOC 5/5 makes more sense with the flexibility, but the 5 years fixed HEL is such low interest and tough to pass up if qualified.

As far as I've seen, I've yet to see any HELOCs on the market that promise 3.75% fixed for any period of time, some offer prime minus but it floats with prime anyway.

Opinions ?