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Updated about 3 years ago,
Should I Cash-out Refinance in AZ?
Hey all -
I hope all is well with everyone and the family =) ! I am in a difficult situation, hope you all can help with this tough question,
SHOULD I DO A CASH-OUT REFINANCE NOW OR A LATER DATE WHEN I NEED THE CASH FOR A PROPERTY?
I have an investment property in Mesa, AZ, currently cash flow positive 30 year @ 3.875%
I have enough equity to take out $70K, 30 year @ 4.125% if I do a cash-out refinance now.
My question is should I do a cash-out refinance now even though I don't plan on purchasing a house anytime soon? <-- I don't want the money to sit in the bank with 1%
I also already have a separate housing fund saved up on the side so this $70K would be an addition into my savings account.
Thank you very much for any advice in advance!