Cash out Refinance or Heloc to invest in AirBnb property

[Gabriela Peres Ramirez]

Hi BP! Considering making use of current low interest rates to refi our primary residence, lower our interest rate (currently 3.75%) and set aside cash for a future investment opportunity (airbnb) that we are looking for the right unit. 

To give you some numbers, we currently owe $175k in our home that is valued at about $480k and we paid 5 years of our 30 yr mortgage.

We are being offered a new 30 yr mortgage at 2.25%, paying 35 bps.

Since we don't have an opportunity in sight, and it may take 6 months or more for the right one to come, we are wondering if it is worth to cash out or if maybe a heloc is a better option.

Thanks in advance