Cash out refinance, HELOC, or both !!??

[Ariel Velez]

Hey guys,

This is my first post so sorry if I break any rules or post this where I shouldn't. I have a property I purchased and renovated with hardmoney. I'm currently living in it and plan on staying here for the foreseeable future. The loan is for 95k 12 months interest only payments at 10%. The arv is roughly 180k-200k. I'm not sure which route I should take. Take a HELOC at 75% LTV. Do a cashout refinance ( 70% LTV 30 yrs fixed and take advantage of historic low rates) or a conventional refinance for the amount the hardmoney loan and then a HELOC on the remaining equity. All feedback is appreciated thanks !!!!

[Steven Foster Wilson]

@Ariel Velez First how are you occupying the property with a HML, most HML have restrictions on owner occupants?

Second if you can refinance into a conventional loan you will find your rate below 3% and it will be incredible! Then if you can get a HELOC for 90% LTV. Some lenders may even let you close both at the same time. Here in Columbus there are some local lenders that do that.