Cash out refi at 50% equity

[Matt Concannon]

What are my best options to cash out refinance on a 2 unit rental? Good credit/good income. Owned for 15 years. What type of rates would I be looking at? Goal would be to take as much as 75-80% equity (or as little as 50% depending on rate) for a 30 year term (could go 15 if I had to).

[Justin Phillips]

At 15 years in, you're getting close to the point in amortization where you'll start paying more principal than interest. It would be a shame to restart that schedule and start those payments back at 60%+ interest. 
Maybe consider a Heloc, that way you don't restart that interest amortization. 
My wife and I have a very specialized 1st position heloc on our property that's tied to a zero balance sweep checking account. We're able to park idle funds/deposits on that balance and save interest cost. On top of that savings, we have access to equity, but only pay for it when we actually use it. Might be a good alternative for you, instead of signing up for 30 years of higher interest first payments day 1.