HELOC VS REFI

[Greg Scully]

I am trying to figure out which option is best for me. I have a substantial amount of equity in my primary residence, but my payment is high from a previous refi to a 15yr note. If I get a HELOC to invest in a SFR for long term hold and rent I will effectively INCREASE my payment obligations on my primary.

If I do a cash out refi at 30y my primary payment will go down. I could then use the difference between my old primary payment an the new one for principal reduction, other tax deferred investments (IRA), capital expense account, have a little fun, etc.

Any insight or suggestions are appreciate.  I've been a wall flower while trying to educate myself, it's time to get personal;).

Thanks.