HELOC vs Refinance ....... Use of the $ will be used for ......

[Michael Dunn]

Need help in making a decision rather quickly , on which of the Forementioned to Loans I should go with , as I am due to sign a Purchasing Contract with the Heir of a property I am looking to buy , no later than Next Friday

I have read about both ( HELOC and Cash-Out refi _ , and still am not 100% sure, on which would make the most sense for me to go with

A Breakdown of my current situation:

I have roughly $40,000 in Equity on my Primary Residence 

I need approximately ( $22,000 - $25,000 ) for both the Down Payment and the Rehab on this Property  ( this is an Investment Property ) 

I know that HELOC's have a time frame for when they have to be payed back , whereas a Cash-Out refi. , just gets rolled into my current Mortgage payment , and therefore gets payed back over 30 years ?

A HELOC will likely cost me more monthly , due to the shorter term of the Loan

But, with a HELOC, I can always " Re-Borrow " the amount of the Loan that I pay back , which is something that I will likely need to have at my disposal , as I hope to do 2 Investment Purchases/Rehabs over the next few Years

HELOC's have NO Closing Costs whereas doing a Refi. does ?

HELOC's allow for quicker and faster Access to getting the Money than doing a Refi. does ?

HELOC's do NOT require an appraisal ( can usually have a CMA done on the property ) vs a Refi. always requires an Appraisal ?

It seems that a HELOC is the way t go for me , but just want clarification and for others to weigh in please :)