HELOC vs. Cash-out Refi on primary residence

[Drew Clayton]

I'm stuck in decision limbo on whether to use a HELOC or cash-out refi on my primary residence to fund my first investment property

I know all the basic benefits of the two options, HOWEVER ... I feel like this being my home and my only current property changes the risk calculation compared with if I were considering the same equity liquidation on a different property. 

HELOC seems a little safer, only because I'm not locked into increasing my mortgage should things go south.

Background:

• I have a good amount of equity in my home (owned for 9+ years)
• No specific plans to sell anytime soon
• I have good credit
• W2
• Already at a historically good mortgage rate (3.8)
• Don't have a specific acquisition property on the hook yet, but plan to in the next couple months

I've already found some local credit unions who are still doing HELOCs, but the turnaround time is 30-45 days. There are a ton of institutions out there who'd love to do a refi right now. 

Thanks for your insight, BP brain trust