Cash Out Refi vs HELOC

[Alex Schredl]

Hello all,

I am trying to figure out what makes more sense for me in my current situation. 

My current 30-year fixed mortgage on my primary residence is about $2k a month.

I want to refinance to get a lower rate in the coming weeks since the bonds have bottomed out. What I am trying to figure out now though is, would it make more sense to cash out while doing the refinance or refinance and have a lower payment and open a HELOC or last option, do both. With the cash out option I can pull out about $60k without negatively affected the rate. I also understand that the HELOC is a variable rate while the cash out option would be locked in with a fixed mortgage.

Just trying to figure out how to get some financial leverage to jump into the real estate market that makes the most sense in the long run.

And my apologies if this is a stupid question.