Cash out ReFI vs. HELOC or Home Equity Loan
BP mates,
I have about 45K Princ. balance on my rental investment (appraised to ~ 140K) ; it was @ 5.25% for 15 yrs. Now, I am almost ready to lock a 4.625% for another 30 yrs to get some cash out for another property investment. Few BP mates recommended the longest term is preferable over the rates, since the tenant is paying it which I agree as well. SO decided on 30 vs. 15 years. Before I dive in deep, one last quick check to get any other feedback...
I should have another 50k to invest if this goes thru....