What is the primary structural difference between a cash-out refinance and a HELOC?
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A
A cash-out refinance is always tax deductible; a HELOC is not
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B
A cash-out refinance replaces the first mortgage; a HELOC is a separate second lien
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C
A HELOC must be repaid within 5 years; a cash-out refinance has a 30-year term
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D
A HELOC requires no appraisal; a cash-out refinance always requires one