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Updated almost 3 years ago on . Most recent reply
Heloc or Cash Out Refi?
SFRental - has a 220-230k value
Current mortgage balance is 149k, with a 30 yr, 2.85% interest.
I put about 15K down payment and closing, house hacked for one year.
I need access to money, to invest in other deals. I am now trying to decide if to do a Heloc with my property management company (they take about a week to approve) or cashout refi with a bank. When do you consider one over the other?
Most Popular Reply
Scott E.
#4 Rehabbing & House Flipping Contributor
#4 Rehabbing & House Flipping Contributor
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- Scottsdale, AZ
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Scott E.#4 Rehabbing & House Flipping Contributor
#4 Rehabbing & House Flipping Contributor
- Contractor
- Scottsdale, AZ
The right choice for you is absolutely to get the HELOC.
You have a $149k 1st mortgage locked in at 2.85% fixed. That might be the cheapest money you ever get. Hang onto that loan, and use the HELOC to tap into your equity.