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Mortgage versus home equity line of credit?

What's a better option over the long term, a mortgage or home equity line of credit?

an equity line of credit you only pay for what you use. if you don't want that much only open it for what you think you will need. it revolving so as you pay it off it is available again. it does give you purchase power because you do not have negociate on finances when making a purchases.
a mortgage you get in one lump some and you pay on full amount.if you have something in mind that you want to purchase and you know the cost and you want set payments then a mortgage maybe right for you.
it depends on the reason behind the refinance. talk to your lender. there are all kinds of different mortgages one may be better suited for you.
watch out for prepayment penalties and variable rates. decide which one will be better for you. be informed ask questions and which ever you choose make sure it is suited for you and your needs.
one is not better than the other as for as product, but one is better than the other based on need.

A mortgage by far! Highly recommend staying away from a home equity line of credit!
years and years of life on this planet!
Modified 1 year ago
A regular mortgage is better in the long run. However, if you want to be able to have access to open line of credit then use the home equity.
A mortgage usually has a lower interest rate and a longer period to pay it off. A line of credit can be open-ended, but is always at a higher interest rate, and the open-ended aspect csn adversely affect your credit. So even in the short-term, a mortgage is best.
Mortgage. Be careful with who you'd sign a mortgage contract too. Know the bank, and know the different types of mortgages. Ask friends and relatives about their experiences and make really good decisions based on as much information as you can gather.

When getting a mortgage ask you financial institution what are the fastest ways of paying back your mortgage.

Also, know that the more money you put in as a downpayment, the less interest you will have to pay.

Good luck :-)