@Nicholas Acevedo Lots of variables to consider here:- What does management look like for you from afar?

So it seems to be that combination.The only companies that are coming back from underwriting with an approval are Monarch, Tower Hill, and now I also have one from Centauri.The one from Centauri is actually quite a bit cheaper than the other two, but all the variables on the quote seem aligned. 

HELOCs are variable rates that can crush your cash flow and even put you in the negatives. since his interest rate is likely low, it is best for him to keep his rate.

Not thrilled with the variable interest rate that HELOCs hold.

Each of these variables will dramatically change the advice for the individual asking this question.

Today the rates would be:3 year variable at 4.25%5 year variable at 4.35%7 year variable at 4.50%

Main difference here though is that after the 5, 7 or 10 year term is up, you don't refinance like you would in Canada, it would flip to a variable rate for the balance of the 30 years... at least that's how it was a few years back and I don't believe it's changed. 

These are usually associated with a variable interest rates.

There are many variables are play.

Definitely a lot of variables!