Seeking mortgage refi advice

[James D.]

Hello Bigger Pockets members!

I have a question regarding refinancing my rental property mortgage to free up my VA loan. I rented this SFH out in 2012, though I'm still a newbie real estate investor. I'm looking to purchase another rental property in the near future.

My current loan APR is @ 3.875 %. I was thinking now would be a good time to free up my VA loan since rates are low.

Any advice? 

[Kerry Baird]

Before you refinance that out, you may want to see if you have any additional secondary entitlement. Perhaps you can leave that terrific rate in place, and obtain a new VA for your owner occupied residence.

A thought for pulling equity out after you get your primary in place, would be a HELOC on that investment property. There are a few lenders that will do HELOCs on investment property.