finance related question...pretty basic/

[Matt Berklacy]

I know I should know this, and is answered to a degree out there, but ill ask anyway ...

If I do a cash out refi on a property that I have paid off, I probobly will be required to keep like 25% in, and then I am paying a new mortgage payment on that property for a 30 year fixed time frame, right?

(that money is wired to my bank account, so I can take it to buy a new property, possibly in cash?

am i close?

(All this versus a heloc/line of credit, where one is not paying a monthly payment, unless the money is used, and then it can be paid back and used again over, right?

(p.s., all my properties are rentals mostly paid off, 1 is completely paid off, ...a few heloc line of credit banks don't seem to want to give credit to rentals or if one is paid off completely..so 2 factors there).

i dont own primary right now, and am currently overseas...

thx..