Refinancing could be the way out
so I'm trying to understand the different types of refinancing and what would be best in my position. Here's the lowdown: I bought a 4 unit for 500k as owner occupied FHA 3.5% down and my current principal is 480k. As of now zillow has my property valued around 550k and with the given market I'll assume that it's in this range. Looking at comparable sales of like properties they have sold at or above the 600k range. My question is this...if let's say around early spring (12 months owning the property) its appraised at 600k and my mortgage balance is 477k which leaves 123k equity. If I'm looking to reinvest in another property using the equity how would the cash out refinance wk with these given numbers as owner occupied assuming 80% LTV? In other words how much would I be allowed to take out?
Secondly with these given numbers and my intentions to reinvest which method would work better; cash out, HELOC or LOC?
Lastly if I was only able to do a 80% LTV cash out could I also do a HELOC for %10 ltv to make a full %90? Would this be a wise move