When to refinance and when to just pay down lines of credit

[Jared D. Lambrecht]

I currently have three properties, a duplex that I house hack with a 30 year at 4%, a single family with a 30 year at 3.85%, and another single family that I have with a 25 year at 5%, but since it is commercial loan, the interest rate will adjust every five years to the current market conditions. To pay for the down payment and the rehab of the two single family homes, I used lines of credit that now total around $120,000 that are currently at 5%, but will adjust over time to the current rates as well. My question is should I try to refinance a property or two to wipe out the more volatile debt in the lines of credit, which will also allow me to scale faster, or should I leave the current mortgages in place (especially since they cashflow after all expenses) and just slowly work at paying of the lines of credit using said cashflow and money from my W2?

[Joseph Cacciapaglia]

Personally, I wouldn't refinance any of those loans at today's rates. Do you have a lot of equity tied up in them that you're trying to access? Unless the equity far exceeds the current loan amounts, your cost of capital on the cash out will be very high.