Heloc or refinance Which one is better

[Mark Vannasdall]

I have 100% owned condo what is the best way to get cash out of it to buy more properties

[Chris Mason]

Neither is better. It depends on how you intend to use it.

HELOCs are for short term debt. No closing costs, but also no fixed rate. And it's revolving debt, so you can pay it back ASAP and then draw on it again.

Cash out refinances are for long term debt. You're paying closing costs but getting a fixed rate. It's also a one-shot deal, you don't get to pay it back and reuse it, without another set of closing costs (eg, another refi).