HELOC vs. Home Eq Loan vs Re-Fi for Primary Residence
Hey guys,
I have recently started acquiring buy and hold rental properties, and I'm looking to free up cash to grow my portfolio.
- Notes: my residence has approx $200k equity and is currently a few years into a 30-year conventional mortgage at 3.25% interest. I feel that the cash out re-fi would typically be a great option, but I don't want a significant increase in my overall interest rate.
HELOC vs. Home Eq Loan vs Re-Fi. What do you recommend as the best means of pulling cash from my primary residence? Interest only or principal plus interest loan? pros and cons? Do any of the above count as an additional mortgage in my Fannie Mae 1-10 loans? Thanks!