Refinancing LTV and year options

[Nick C.]

I own a few properties and I have decided now was the time to pull some equity to go after more to increase my portfolio. I have never refinanced and at having trouble deciding which LTV and year option I should go with. This property is currently owned free and clear. Thank you for any advice given. If the house appraised at $75,000, we could go up to 80% loan to value for the mortgage, which would be $60,000. If we did that on a 15 year, the rate would be 4.625% and the payment would be $462. If we went up to 75% loan to value, or $56,250, the rate would be 4.375% and the payment would be $426 on a 15 year term. $60,000 on a 30 year term would have a rate of 5.125% and a payment of $326. $56,250 on a 30 year term would have a rate of 4.875% and a payment of $297.