HELCO or Cash out Refi?

[Nicholas Jacob]

Question: With rates the way they are are some of you choosing to HELOC as opposed to Cash out Refi? Why are you choosing one over the other?

Why I ask: I'm finishing up a remodel on a house I bought and renovated myself. When I bought in Sept of 2021, I projected my monthly payment to be around $1,000-$1,000 with rates the way they were. Now my payment will be $1,700+ and I'm really not comfortable with that high of payment. I plan on house hacking the spare bedroom but that would only bring in $600-$700 max. I plan on using the equity to buy in cashflow markets but don't know if a HELCO or cash out refi is better. 

Nick