Quote from @Owen Rosen: You should be able to get an umbrella with another carrier but it's also hard to say without knowing anything about the claim.Thanks for that info.

@Erik R AhoCongrats on saving that much being so young!!!

@Wendy Stclair, this is great info.

You may have to look a little further South in the Fountain area or down into Pueblo to find prices that will work for this strategy.If you are a new investor, you may also consider House Hacking if you enough saved up for a down payment.  

Feel free to message me if you'd like more info. 

Although not ideal for investors, Im torn because with the money saved on the down payment and closing costs you could buy down interest, put a down payment on another home in a cheaper place etc.

Or should we just sit and save and not use the HELOC for a project? 

Good luck Thanks for the info Bob.  

You said "we" so you could save up to $500k in taxes (2/5 year exclusion).

Keep in mind that refinancing comes with its own costs, and it’s important to calculate whether the savings from a lower interest rate will outweigh these expenses.