I love the hostility towards the mortgage industry LOL Hi, I am a certified mortgage planner. A refinance loan is when you refinance the first (and if you have one a second lien) into a new loan. I have to demonstrate something called Benefit to the Borrower to do one. IE, lowering interest rate, going from ARM to fixed rate mortgage, lowering overall payments etc. The rules to refinancing have changed in the last 6 months, drastically. The main reason to refinance right now is if you are in a ARM and can move to a fixed rate mortgage, the rates are very comparable right now. But I couldn't say whether they will stay that way. Home Equity Loan is a second lien on the property. On title it comes after your first. I have never seen an ARM on one of these. They are usually fixed for a term of 15-20 years, sometimes 30. Home Equity Line of Credit is obtained from a bank. It is a line of credit that can be a fixed or adjustable rate. As you pay own the line, you have access to it again. It is sort of like a credit card, but the collateral is your home and if you don't pay it the consequences are huge. They are usually available to you for a specific time ie., 10, 15 or 20 years. IF you have more questions, please feel free to contact me. As a CMP my goal is to be a resource and tool for people. Good luck.