re: Kitchen remodel

Pros:

*Don't have to take it all out at once, can draw it as you need it
*Interest is tax deductible if you itemize
*HELOC is open for future use (often 10 years)
*Can often set up as interest only payments (can also be viewed as a con)

Cons:

*Usually not a fixed rate
*Not fixed payments so don't know when it will be paid off