I Need Refinance HELP!

[Kent Chrisman]

I bought a house from my parents before I knew much of anything about REI. I have a pretty good chunk of equity and was planning on doing a refi to get into the game but the mortgage company (Suntrust) just told me that Texas has a law that states a mortgage company must have a physical office in the state before they can do cash out refi's.

I guess I could do a HELOC but I'm a little hesitant. Does anyone have insights into how I can get the equity out of the house?

[Corby Goade]

Why wouldn't you do a HELOC, it's a far superior and more flexible investment tool than a cash out refi. I'd go as far as to say that it's a very bad idea to do a cash out refi with the intention of investing.