Cash-out options on property

[Melissa Sharpe]

Newbie here! Getting ready to start the process of turning my current residence into a rental property and purchasing a second home to be used as principal residence. Current residence is secured by a conventional 30-yr loan @ 3.625%, no PMI. LTV is approx. 57%. I'd like to pull equity out of the current residence to use towards downpayment in future purchase. What's the best option/considerations to factor in? I've heard of conventional refis, 1st position HELOCS, ARMs, portfolio loans....my head is spinning. Any advice would be much appreciated!