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HELOC vs. cash-out refi on my rental in Mesa, and one saved me $4,100
Everyone told me the refi was the safe pick, but the HELOC kept my 3.1% first mortgage untouched and let me pay it down early. Anyone else run the math in a rising rate year, or am I missing a downside here?
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grant_allen8510d ago
Man, keeping that 3.1% first mortgage alone is worth it. Once rates climbed past 6%, doing a cash-out refi would have reset your whole loan at the higher rate and cost you way more over time. You ran the math right, the HELOC wins when your first mortgage is that cheap.
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