HELOC- pros and cons

[Carolina Mejia]

Hello! I refinanced my 1st (and only) door in January 2022. The goal was to lower my payment and remove the PMI. This was before listening to the BP podcast so I didn't think about cashing out- I figured I could do it when I had a deal (now i know it costs $5k just to refinance and the fact that my interest rate was going to be locked in at 3.25%) I could not have known how much interest rates would increase. With that being said. I have about 90k in equity. It seems to me that homes prices may start to come down here in ATL and I need to make a move to be able to take advantage of the equity I have today. I think another refi to be able to cash out would be dumb at the current rate. I think a HELOC would be my best bet so I am asking what are the pros and cons, what bank should i do it with, etc. I would use the money to purchase another property- multifamily if I can get my hands on it. My credit is 614 if that matters and have an excellent W2 job.