What are the pros and cons of a home equity mortgage?

I am thinking of refinancing and the home equity mortgage is very appealing but I do not know enough about it. I can get a great rate and under 1K closing costs total on a 30yr fixed rate. I am looking for pros and cons.
You all misunderstand what I asked. I currently have a 1st mortgage and a Heloc. I am looking into refinancing and combine them together. I found a bank that is offering me what is called an Easy Equity Mortgage. The terms I am being offerered are sounding too good to be true and I am looking for more information. My offer is on a loan of $ 240000 (1st and Heloc combined). Since my company does business with bank they offer 1/4% off and if I open account it is another 1/4% off. The rate offered with these together on a 30yr fixed is now 5.5% with 0 point and 0 origination. They are quoting me under $ 1000 closing costs which is the part I can’t believe. If you are curious go to www.53.com (5/3rd bank) is the name of the bank. My credit score is over 800 and my DTI is under 20%. No other debt involved.

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