Which would be better…to refinance w/cash out or a home equity loan?

Here’s the info. We want to put an addition onto our home. We purchased it new in 2002 for $ 119,000 and we borrowed $ 26,000 on our original loan which is a 5/1 ARM. In our current market area, our home would sell for between $ 150K and $ 160K. We will need $ 50K to do the addition. Which is the best route for us: to refinance and get the $ 50K or get a home equity loan or home equity Line-of-Credit? It’s all confusing and I know there are pros and cons to each product. HELP!!!! Thanks in advance!
Sorry Frazure, but my debt load is minimal and my credit score is excellent…take your advertisment elsewhere.

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