Cash out Refinance into a Higher Interest Rate?

[Eric DeVito]

hello all, I currently have a 30 year fixed 3.0 rate on my primary SFH residence. Paying about 1250 a month. I have close too 200k in equity. Would it be smart to do a VA cash out refinance to a 30yr 3.8 rate and pay around 1,800 a month? I would be getting 100,000k cash at closing. ( Not taking full amount of equity).

Goal: Renovate me basement and possibly purchase a mixed use property. Thoughts? HELOC better?