Refinance Personal Home - Good / Bad idea?

[Mauricio Valverde]

Hello,

I’m reaching out because I’d like to know if refinancing is a good option at the moment.

I have 80k left in my mortgage @ 3.5% I had purchased at 160k and it’s value is 220k.

Would it make sense to refinance and cash out to pay off the loan @2.75% and use the rest of the cash to purchase a rental?

Is there anything I should be concerned about?