Which Is Better A HELOC or a CASH OUT REFI In 2024?

In this video we are going to discuss whether you should use a HELOC or Cash Out Refinance in 2024. We are going to go over each loan types basic details, the pros and cons for each loan, and address which loan is best to use in 2024. We will also cover some best use cases for each loan.

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Scott Hodge Broker | Owner | Veteran US Navy
Homeport Residential
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[jimmy]

I don't think you mentioned that with a HELOC, your insurance premiums will also go up since most if not all banks will require to be added onto the policy. So expect your mortgage payments to go up monthly in addition to the HELOC payment.

[kybble]

So a HELOC is like whole new monthly bill separate from your mortgage. Like a credit card with X credit limit and when you use some of it your charged an interest on what you use not the limit you have.
But a cash out refi is just renegotiate your home loan extend its life change interest rate and 1 payment.
I'm getting quoted 11% for a cash out refi with 5k closing cost, this way ads 15 years to mortgage and raises payment $130 monthly. The rate quoted HELOC was 8%. The home is currently at 4.5% conventional loan. I have a credit rating of near mid 800's. Mortgage is only debt.

[Lexusupra]

Amazing video! Thank you for being so educational. Could you maybe make another video of heloc and show an example to understand payments etc.

[velkrofpv]

Why in the world is your face constantly shifting. As if you are animated and not real. What is up with your eyes??? Great information though. Tripping me out. Lol

[smooth]

I have my house with 3% mortgage rate through a freedom mortgage company my house is not fully paid off just yet and they (freedom mortgage) says they don’t do heloc 😮 what should I do?😪I’ve talk to one guy in the past few weeks he mentioned fill an app out that would write me a check for about as much as I have put into the house already but would raise my mortgage from 1k to 1600

[joseguadiana]

Thank you ! Question so my house is paid off and i did ran into an opportunity for a land purchase so im just not sure what loan to get the cash out loan?

[momcilostjepanovic]

Thank you for this video! What type of loan would you recommend in order to pull out money from the property bought for cash on foreclosure auction sale in order to have money to renovate it and buy new one at another auction? Your answers will be appreciated, thanks in advance!

[santuong]

Fix your title. Should be HELOC or Cash Out Refinance in 2024

[mariomontissol]

Hi, I’m thinking about refinancing my home but I’m also thinking about a HELOC as well.. Need some help deciding

[candacepeterson]

What are your thoughts on Shared Equity? I'm going through a divorce, my current rate is under 4%. I need to buy out my husband and give him half the equity in the home. If I cash out refi, my rate will be 7% and my mortgage will jump $1000. If I do a home equity loan that payment on top if my mortgage is more expensive than just doing cash out refi. Now I see there is a shared equity option..what are your thoughts?