What factors determine whether a home equity loan or HELOC is better, assuming int. rates are similar?

No fees for either one. HELOC is adjustable rate, home equity loan is fixed but you draw the entire amount at once and begin paying interest on the home equity loan (vs. borrowing steadily over time in smaller amounts on a HELOC). No worries with equity, etc.

It depends on what you want the money for. We have a HELOC that we've never used but keep open 'just in case'. If you don't need the money right now, get a HELOC. If you already have plans for the money, get a HEL, but only for the amount you need.

If you'll be using it to pay off debt, make sure you don't turn around and get into debt again, because now you'll have the debt payment PLUS the HEL (or HELOC payment) and this time, you COULD lose your house!