Rate term refi OR cash out refi on a BRRR to pay off HELOC

[Aman A.]

Hello guys,

I wanted to make sure if my situation is eligible for a rate term refinance instead of a cash out refinance. Here is my scenario-

1. Bought an investment property and did the rehab using a HELOC (on my primary).
2. The money pulled out from my new loan on the investment property will only be used to pay off the balance on the HELOC.
3. This will be for a conventional 30 year mortgage on the investment property.

Thank you,

Aman