HELOC or cash out refi?

[Martin L.]

I’m debating between the two right now for my first property. I’m looking to get a little more aggressive with some investing and want to get some cash on hand. Some basic details: Value: 320k Owed: 80k Rent: 1350 Payment: 650 (incl. taxes and insurance) Should I get a HELOC or cash out refi? Either way I believe I’m looking at being around 25% down/equity and either getting 160k cash on hand or a 160k credit line. I want to keep the payments around 1250 so I can still minimally cash flow. I’d be doing the HELOC with PenFed, since they seem to be one of the few who will HELOC an investment property. For the refi I would probably shop around, although I’d be highly likely to use Guild Mortgage due to an existing good experience with them (they haven’t sold my loan yet, and that’s a personal pet peeve lol) Any strong opinions in one direction or the other? What kind of fees am I looking at for one over the other?