Refinancing and obtaining a HELOC (same or different bank?)

[Jorge Galvez]

Hi BP-ers - 

I am located in Los Angeles, CA.  I would like to ask for your advice. 

I am looking to refinance a non-owner occupied investment property to obtain a lower interest rate. However, now is a good time to also pull out equity to invest in other multi family out of state. Not all banks offer a HELOC, only a select few like Wells Fargo and some other smaller ones in CA (Union Bank).

What is the best strategy when trying to do both refinance and obtain a HELOC? Refi / obtain HELOC with the same bank simultaneously or can I first refinance with a bank with the lowest interest rate out there that I can find and then as a step two, obtain a heloc with the banks that offer the HELOC? I assume it is easier doing it with the same bank and I also assume it is cheaper, but I could be wrong. I do want a low interest rate first and obtaining a HELOC would be secondary to move on my investments.

Thank you very much.

Jorge