Heloc or Cash out Refi

[Kevin Kim]

GM Folks

I am thinking move to a city where it is close to my work and has some city life. (my current commute is 2 - 2.5 hr for each commute before pandemic)

Current home value: 1.1mi (mortgage: 650,000)

If I move to another home, my dilemma is what will be best option to buy another primary home? To make it down payment, should I use Heloc or Cash out refi? I guess Cash out refi, there will be some limitation that I can't sell home within 6months etc..My best plan is I buy new home move in then sell the existing home around same time.My current home it is in NO CAL and will buy some OOS real estate investment after I sell. PSI: I have 1 OOS investment property so far.