Getting a loan

[Leah Ramsey]

Hello all!

I love the BP community and all the wonderful help and knowledge that is here!

I’m currently being put on my parents feed.

Now, I want to get a loan to pay off their balance $45k, get a lower interest rate (and yes it would be lower, believe it or not theirs is 9% and has been for years) and pull money out for some debt at this point I only want to pull out $20k.

Obviously, there is equity.

What's the best loan for this? HELOC, cash out refinance? Or any other ideas?

Also, if I do this can I do it again in a year and pull out more for another property?

Thank you!