Hello

Want to use a portion of my current homes equity as a down payment on a multi family home.

Not sure if I should Refinance with cash out or HELOC.

Also when approaching my local bank for lending I am thinking the Refinance may be better option showing cash.

Any thoughts

Thanks

Depend on your current interest rate. If you have lower rate take HELOC. HELOC is also like cash and your dti will be hit with full payment.

Thanks for the reply. Is it possible I may contact you tomorrow during business hours to see what my best option would be. I assume you can do out of state transactions.

excelexteriorservices.com

Heloc : you don't pay interest until the day you use it, while cash out loan, you'll pay interest for the money sitting on your bank account while searching the property or even when you are in escrow. The difference may be huge.

2nd benefit of a Heloc: when you buy the 2nd property, cash, you'll later refinance it with a loan and pay back the heloc. So you can restart the process with a 3rd property  and 4th, etc... without having to wait for approval or having to pay another closing costs etc...

Kevin 

Thank You for the helfull advice.

you are welcome@Tom Keenan

@Tom Keenan yes you can call me or reach through email. We lend in 44 States.