portion of it for your down payment. Only makes sense if your income would allow you to pay the HELOc back relatively quickly- wouldn’t be ideal to have a heloc with a big balance that you can’t get rid of. Downside is a variable rate that is probably going to rise, upside is it can be handy to have access to a heloc for whatever opportunities might come up in the future.

In your situation, I’d probably go with the cash out refi