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New roof: home equity loan or line of credit?

Hi guys,

My wife and I unfortunately found out that we had to replace our roof within 1 year of living in our first home. $20k for new shingles, some new decking, and gutters. Suffice it to say, we do not have that in cash. We did get approved for a loan through the roofers financier but it’s 11% interest. Thankfully we have access to a home equity loan OR a line of credit at about 6-7% through our credit union. Say that we have $60k equity in a $300k house, between a HE loan or a LOC, which would be better to get in this climate? I vote loan because I predict rates will only increase over the next 3 years. Wife says credit because she wants to be able to quickly tap into a funding source if we have another large item housing emergency.

Thoughts? Thanks in advance!

submitted by /u/mattnogames
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source https://www.reddit.com/r/RealEstate/comments/123lxxs/new_roof_home_equity_loan_or_line_of_credit/
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