Pros and cons of cash out refi vs. HELOC

[Paul Klempner]

Hello, so I’m wondering the what’s the best way to pull from my equity to buy another property. So I have a current mortgage of 280k and my property is worth somewhere in the mid to high 400’s. So here’s my questions.

1. Is it better to do a HELOC or cash out refi? What are the pro/ cons.

2. It's currently a FHA, so if I refi to a conventional I was told it would be higher interest due to non owner occupied. Is this true?

3. What would you do?

Thanks in advance for any guidance!!