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Updated almost 11 years ago on . Most recent reply
Brandon TurnerPoster
#3 Questions About BiggerPockets & Official Site Announcements Contributor
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#3 Questions About BiggerPockets & Official Site Announcements Contributor
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- Maui, HI
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What Would You Do? (Fixed or Arm Refi?)
Brandon TurnerPoster
#3 Questions About BiggerPockets & Official Site Announcements Contributor
Pro Member
#3 Questions About BiggerPockets & Official Site Announcements Contributor
- Investor
- Maui, HI
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?