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Updated about 4 years ago,

User Stats

17
Posts
7
Votes
Eli Yachini
  • Los Angeles, Ca
7
Votes |
17
Posts

Should I refinance, cash out refinance, or get a HELOC

Eli Yachini
  • Los Angeles, Ca
Posted

So I currently have three rentals, 2 houses and a condo. I want to convert the garage in each home to an ADU. I can do about 60 percent of the work myself. Since I can still do conventional I will be refinancing the condo (worth 240k, owe 140k) for a lower rate from 5% to 3 something. In terms of getting funds in order to do the ADU conversions. Is it a smarter idea to do a cash out refinance on the condo, or do a HELOC on one of the houses I have about 200k in equity in? I will be refinancing the condo either way in order to lower the payments and get a lower interest rate.

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