Should I cash-out refinance my own home?

[Kyle Kline]

Hello,

New to all things real estate and may have a stupid question. Would it be a bad idea to cash-out refinance my own home that I live in? I understand that it would reset my loan, but I’m wondering if this would be a legitimate way to obtain some money with which to jump start my portfolio. 

Any thoughts are appreciated!

[Erik Estrada]

Hey Kyle, 

Why not do a HELOC instead? This would be a smarter move since you only pay interest on the amount you draw. Versus doing a refi, your total monthly payment would increase right from the start.