Refi to highter Intrest rate & pay debit or keep current loan?

[Christos Diatsintos]

Bigger Pocket Family. I need help weighing out my options on weather to Refi and pay my self back or keep my current loan and find other ways to pay myself back. Here is the situation. I am currently turning my house into a rental  but before doing so I wanted to add a 2nd bathroom and a 2nd bed room to the home along with a few other improvements. As result I took on some additional debit thinking I was going to refi and pull cash out to pay off all new and old debit, but now with interest rates climbing I am starting to think that is not the best move so I would like to know your thoughts. Here are the numbers.

I currently have a FHA loan 184k at 3.8% interest. With a life of the loan PMI of $142/month

I took out a Helco of $20k on FHA to be paid off in 4 years

2nd loan $19k to pay of in 2 years interest 3%

Student loan 42k

Current Credit cards 7k

ESTIMATED ARP $260k based off current comps.

All rehab will be done  by March 1, 2019

So my debate is weather to refi into a Cov loan and cash out or keep existing FHA loan at the lowest interest rate ever. But my questions is by March 1st interest rates will have increase. Home values may decrease ( base off current projections) and ill have to pay closing cost again. If I were to Refi into a higher loan and have higher interest rate my rental cash flow may not be as strong, but at least all my debit will be paid off right? OR is the better play to keep the current FHA loan to have better cash flow( current mortgage is $1500. Rental rates are $1900-$2100 in my area) and just buckle down my current living expense and pay off my debit with my W2 income which is do able, but will take me a few years.

Thanks for reading

Thoughts?