Refi to cash out? Or wait?

[Erika Nuñez]

My husband and I are lost on what to do :(

Current Situation: 

- Have a house that’s built a lot of equity 

- Have a HUD loan of 30G that was added to the back of my mortgage.
- My house loan is still FHA at 4.6%

So now, I have a quote for a owner occupied refi to conventional that will…

- Eliminate my HUD 30G

- Give me back 18G

- interest rate rises to 6.3% and mortgage payment goes up $400
- closing  costs 15G 

we are not sure if we should wait for interest rate to go down or if we should just go for it, refi later and use money to complete a down payment for a new rental. 
Hubby also thinks the closing costs are way too high! 

Appreciate and welcome any advise!! Thank you so much 

[Scott Trench]

What's the interest rate on the HUD loan? Are you arbitraging the blended interest rate there?

What will you do with the $18K when you get it? 

I think this is a tricky one, and that while you wil have to run the numbers, it will come down to a gut call about whether you think real estate investing sooner is worth significantly increasing your mortgage payment. No easy answer here.