$23,000 left in mortgage to pay. Should i Re-fi???

Question

Justin K. · Answer

I qualify for a navy federal heloc but I'm having a hard time find another option. Any leads on another heloc that will allow second lien holding?

Mat O'Grady · Answer

I would second the HELOC. You can have the money available and not pay anything until you use it. I have gotten HELOCs with no up front fees and interest only payments on the money used for the first 9 years. The rate is variable and higher than a refinance. You can use the money and pay it back. Then use it again. You can't reuse the money with a cash out refinance. Once you pay it back you can't get it again unless you do another cash out.

Thomas Kareeparampil · Answer

HELOC's are much higher rates for investment properties, I'd recommend cash-out refinance. I've done this successfully three times and highly recommend. Use local or regional banks who are more open to doing these type of deals.

Harjeet Bhatti · Answer

@Nate Stitchell HELOC would be good option if you want to  use funds  for flip.