Refinancing my primary home.

[Marie J.]

Good afternoon everyone,

I bought a coop 6 years ago. I owe about 50K on it at 5% interest rate. Similar units in my building are going for over $250K.

I'm thinking about buying an investment property. I started thinking I should refinance my coop with today's low rates  and take about $100k cash out at 3.50 % interest rate. I can then buy the investment property all cash. It sounds like this is good thinking. However I'm new to this and wondering if I'm missing/overlooking anything or if it's too good to be true. 

What do you seasoned investors think?