Cash-Out Refinance..... Start paying Interest immediately ?

[Michael Dunn]

Just had a quick question please, regarding Cash-Out refis. 

1. Do you get the Amount of Cash from the Refi. sent to you , via a Check ?

2. Do you start paying Interest as soon as they Lender writes you the Check ?  

3. So with a Cash-Out refi. vs a HELOC ...... with a HELOC, you only pay on the Amount that you " Take Out " from the Total that you have at your disposal to use ?

4. Are there any Benefits to doing a Cash-Out Refi. vs a HELOC ?

5. I am wanting to have Immediate access to the $ ( whether I go with a Refi or a HELOC ), as I will be using this Money to pay in Cash for an Investment property that I am Looking to Purchase.

So would one of these be more benificial to me than the other and why please ?

Thanks much