Refi dilemma - what would you do?

[Rich Pritzker]

Hi RE gurus,

I've finally mustered up some courage and decided to get into RE investing. In prep for that: I have about 50% equity in my home (value 2Mil+) - and I have the following cash-out refi options for the remaining mortgage amount - locked. I'm in a dilemma as to what to do:

1. 2.5% 5/1 ARM with cashout upto 65% LTV - no cost, no points

2. 2.5% 10/1 ARM with cashout upto 70% LTV - $14k in cost and points

3. 2.625% 10/1 ARM with cashout upto 70% LTV - no cost, no points

Regd my primary residence - I don't intend to stay here permanently - about 10 years more.

With the cashout proceeds - I would like to buy an investment property or two (local, not out-of-state).

What would you do, if you were in my shoes?

Thanks!

-R