BRRRR, Refinance or Home Equity Loan

[Evan P Stegman]

Hello BP,

I'm approaching the 3rd R of the Brrrr method. I'm Very curious what would make more sense, a home equity loan or a cash out refinance? I've always heard of just doing the cash out refinance, but don't really hear anyone talking about just doing a home equity loan. What are the befits of doing a home equity loan over a refinance?  The scary thing is my current rate is at 3.8% and don't want to refinance and change that rate to 6%. let me know if you have any insights about this situation or advice that might help. Thanks have a great day.