Refinancing primary residence for an investment

[Cindy Gonzalez]

I purchased my primary residence in 2020 and have built some solid equity due to market changes and forced appreciation - I am working with a private lender to pull equity out of my house to purchase a duplex/triplex as an investment property (I'd rather not house hack since I am searching for properties in cities a couple hours away from me). I am being advised to refinance but I got a great interest rate when I purchased my house (3%) and am pretty sure it will go up if I refinance. Would a home equity loan or HELOC be a better option? I am leaning more towards a home equity loan since the variable interest rate and non-fixed payments on a HELOC worries me as a new investor.

Thanks in advance!