Cash Out Refiance with Higher Rate?

[Matt Carroll]

Hey Everyone. I just renovated both side of my first duplex and am in the refinance portion of the Brrrrr. I went to a few lenders in Spokane, WA and they said their interest rates on cash out refinance are between 5-6.5 % . Currently my interest rate is 4.75%. Do I refinance with a higher rate? Or no?

[Phil Wells]

I think I agree with David, a HELOC might be worth exploring if you can't get a better rate on the entire mortgage. This might be beneficial in the long run too as you can always dip into it to fund future investments.