Should I refi and pull equity out of house?
Hello
Hoping someone can help. I have a condo I bought in foreclosure in 2010 that I owe $128,000 on with a 30 year fixed at 4.7 apr. I completely remodeled it. I'm currently renting it out and I am making quite a bit of cash flow from it.
Recently a unit just like mine in my complex sold for $560,000. I was thinking about refinancing and have been quoted 4.0 Apr.
I'm thinking rates will increase soon and prices may go down. I may not get a chance at 4.0 Apr and a possible appraisal of $560,000.
What does everyone think about a strategy of refinancing now, getting a slightly lower Apr, and pulling some equity out of the place? Not all of the equity maybe say $150,000? That way I can use it in the future for investing.
I'm not sure if I should do it because I really like the cash flow I'm getting currently and I know that will change.
Any help is greatly appreciated.