What’s the Better Loan?

[Ibrahim Yamini]

I've been trying to get a HELOC but nowadays they are few and far between so as of now I'm settling for a cash out refinance.

I currently pay $1487 a month for everything regarding my primary residence.  My current interest is 4.25%

Loan company A says I can get $60K cash out and the new mortgage will be 2.9%.  This will raise my monthly mortgage to $6 extra dollars a month.  Keep in mind that if I were to get a $325K house, that’s the entire deposit.  I still have to pay closing costs, appraisal fees, realtors and hire a property  manager.

Loan company B says I can get a $100K loan at 2.5% and my mortgage will go up to $1700 a month (VA loan)

Loan company C says I can get $120K loan at 2.6% and my mortgage will also be $1700 a month (VA loan)

Loan company D is my current bank.  They say I can get a $100K loan at 3.25% but my mortgage will go down to $1K a month

D seems like a sweet deal, but won’t I be paying a lot more in interest down the line?  

Any advice on what the best options are?