Problems refinancing my first deal

[Brandon Bartley]

Three years ago, I invested in my first property as a primary residence, a duplex in NY that is worth about $125k and I owe about $74k on it. At the time, I didn't know much about the power of HELOCs and ended up going with a large national lender that does not offer any type of HELOC product, but was able to get a great fixed rate of 3.875% for 15 years. I have since moved out of the area and would like to purchase another property using some of the equity I have in the duplex, but the local NY lenders that I have talked to have quoted me rates at 6.5%+ for because it is no longer my primary residence.

The NY property still cash flows at this higher rate, but the prospect of my rate nearly doubling on the property is hard to swallow. My question is, are there any other options for using the equity in the property on another deal that I have not thought of? Also just looking for any insight from people who may have gone through this process before and how the determined if the refinance was worth it.

Thanks!

[Brandon Bartley]

@Marcus Auerbach Thanks for the advice! A 30 year fixed could be a great option so I can maximize my cash flow to grow my portfolio like you mentioned. I will be sure to talk with few more local lenders this week to go over the details of what a cash out refi would look like in my situation