Originally posted by @Whitney Hutten:
@Joaquin M Dugan Jr I use short-term financing to complete the projects, so I want to get out of that short-term debt quickly and place a long term note on the property (30 yr fixed if I can). I like HELOCs for temporary situations. The rates are generally low, however, they will adjust over time and it's a line of credit that but the bank can cut it at any time if they want. I guess I'm saying it's not a binary yes/no answer.
Thank you all for your responses and certainly thank you Whitney for responding and the podcast you were on in the past year or so. I might of listened to your story 2-3 times and learned a lot. So wouldn't a cash out refi be better than a HELOC because you are dealing with generally banks who may readjust rates or as you said can cut it at any time? I also just learned too, with a HELOC there isn't any closing costs to put down as opposed to a cash out refi because you'll be on a new mortgage
