Why would I want a Home Equity Line Of Credit (HELOC) instead of refinancing my home?
A HELOC gives you more flexibility. If you refinance your home, you receive a one-time payment based on the market value of your home and the difference between your new home loan amount and your previous home loan. A HELOC gives you revolving credit, like a credit card. You use only as much as you need up to the maximum amount, and as you pay it back, you can use it again.