[Dantilla]

I have an unsecured line of credit for playing with fixer-upper homes.
But if I'm going to use real estate equity, I want a fixed rate.

I would figure out how much you need, then:

If you're going to attack it full-bore until complete, a simple refinance. No second. That way the whole loan is at the best interest rate.

-Or-

If you're going to "putter" in your spare time, then a line of credit makes sense so you're not paying interest on money you're not using.

Of course, if you currently have an irreplacable sub 5% interest rate, it makes no sense to refinance at a higher rate. Then a small second may be the way to go.

Bottom line, a fixed payment on a fixed interest rate is the way to go.