HELOC or Cash Out Refinance

[Thomas Klein]

I purchased a rental (single family) in Fort Lauderdale with 2 HELOCS. ($215,000)

The first HELOC was from a free and clear property for $112,000. That is an interest only at 3.75% (adjusted, in Feb it was 5.5%) of 70% LTV on a $160,000 appraised value.

The second HELOC was from another rental property for $137,000. That was an interest only at 3.75% (adjusted, in Feb it was 5.5%) of 70% LTV on a $282,000 appraised value. I have a current balance of $50,000 on the first mortgage.

The purchased property from the HELOC's is now in the process of being refinanced. I am only refinancing $280,000.

With the interest rate on the refinance coming in at 3.25% my question is... 

Would you pay back the HELOCs or would you do a cash out refi on the two properties and close out the HELOCs all together and go for 75% LTV cash out refinances?

Or would you pay back the HELOCS, keep the first property free and clear and keep the second property mortgage balance at $50,000 and continue on using the HELOCs?

Thank you kindly to everyone on here. Without all of you I would never have done what I did.