What Would You Do? (Fixed or Arm Refi?)

[Brandon Turner]

Alright, so I'm working on a couple refinances right now, and one of them I'm a little stumped on - so I could use some input.

I owe $75k on a duplex that should appraise around $120k. I have 2 options:

1.) I can do a cash out refi for 75% LTV, or $90k, and pull out $15k in cash from it. However... it would be a 5-1 ARM.

2.) I can do a straight refinance for the $75k, not pull out any cash, and it would be a 30 year fixed mortgage.

What would you do? The extra cash would be nice, but I'm not desperate for it. Thoughts?